OverviewThe US dollar on Monday fell against the euro and the Japanese yen,
as the recent developments in the debt crisis of Greece increased uncertainty
financial markets and increased investors' doubts with regard to raising interest
rates by the US Federal Reserve this year.
Fluctuating exchange rates, as rising tensions between the government
Greece and its international lenders at the weekend rocked the markets and put
called into question the country's membership in the euro area and the preservation of the very uniform
European currency. Instability caused investors to prefer the yen,
which is considered an asset that preserves its value against the strengthening
economic or political uncertainty.
The euro rebounded after sales during the Asian session, when he fell to
a three-week low against the dollar. By the end of the New York session, the pair
EUR / USD was trading up 0.7% at 1.1236. This is the highest
level in a week. The dollar / yen was trading down 1.1% at 122.53,
approaching to the lowest closing level in New York on 25 May.
The dynamics of exchange rates on Monday still emphasizes how
difficult understanding by investors of the risks as a loser in the currency market,
especially the growing uncertainty around the timing of increasing the cost of
Fed loans and the likelihood of a Greek exit from the euro zone as a result of
substantial debt of the country.
"Fed may delay (rising interest rates), if Greece's problems
spread much more than expected, or if the US Dollar
strengthened too much"- Vasif said Latif, head of the global division
assets in the USAA .
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