Dollar Gets No Respect Despite Economic Gains

Even good U.S. economic data can’t get the dollar going higher.

The dollar rose on a flutter of activity earlier Thursday, but after a few positive headlines out of Europe, it reversed course, tipping into negative territory, while the euro edged higher.

“This morning’s (gain) was about risk aversion, more problems in Europe and concern this was a problem for global growth,” said Robert Sinche, head of global foreign exchange strategy at RBS.

The euro
[EUR= 1.3163

0.0029 (+0.22%)

]
had traded down to 1.2978 before rebounding above 1.30.

“We think three cents each side of 1.30” is the euro’s current range, he said. The dollar was also weaker against the Canadian and Australian dollars.

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