The U.S. Dollar traded close to six-week highs against the Euro amidst the impending release of housing and job reports as speculation builds that it will reduce pressure for the U.S. Federal Reserve to reduce borrowing rates this year. The U.S. Dollar also recently reached its highest level against the Japanese Yen in three months as speculators reduce the likelihood of the U.S. Federal Reserve to reduce interest rates. ''We have the dollar strengthening into the end of the year,'' said Randall Kendrick, co-head of economic and market analysis at Citigroup Australia in Sydney. Data this week ''will signal the Fed is on hold for quite a number of months.''
In today's trade, the U.S. Dollar traded at $1.3456 per Euro in comparison to a May 25 trade of $1.3442. The U.S. Dollar also traded at 121.68 Yen in comparison to last weeks trade of 121.79 Yen.
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