USD sees gains

The US dollar strengthened against the euro on declines in oil prices and after Wells Fargo (NYSE: WFC) reported that profits in the second quarter were better than had been anticipated.

At around 1 p.m. in New York, the dollar was trading at $1.5840 to the euro while it took ¥104.63 to buy a dollar.

The Australian dollar weakened versus the greenback as it traded at 97.45 cents US to the Aussie after the Reserve Bank of Australia’s governor made comments which made it sound like interest rates there won’t be going up in the near future.

The Canadian dollar also fell against the its US counterpart, to C$1.0013 to the dollar, as oil prices fell.

The Swiss franc was up early versus the euro on speculation that trouble in the US banking sector will slow enthusiasm for carry trades financed by the low-yielding franc and after a report that retail sales in Switzerland were up 7.4 percent in May from May 2007, but in later trade the Swiss currency pulled back from some of those gains.

In early afternoon trade in New York, the Swiss franc traded at SFr1.6255 to the euro while it was at SFr1.0262 to the US currency.

Story link: USD sees gains