During that time, the common belief among many investors was that this intervention had killed the U.S. dollar, so one should be buying precious metals to protect themselves from the dollar's collapse.
The USDollar has opened aggressively higher, despite a worse than expected Initial Jobless Claims release this morning. Price is currently trading over today's R4 resistance pivot, found at a price of 12,000.
Analysts say that despite the sideways movement of the past few days, the U.S. dollar is returning to its longer-term strengthening trend against the Singapore dollar as investors look ahead to a likely interest-rate rise by the U.S.
It fell as much as 9 per cent against the euro between April 13 and May 15 but has recovered more than half of that loss in the past week after U.S. Federal Reserve chief Janet Yellen affirmed her willingness to raise interest rates this year. “The ...