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After the Fed’s announcement of QE (quantitative easing), and subsequent press conference by Fed chairman Ben Bernanke, the US Dollar has fallen to a 4-month low against the euro and Swiss franc.
With speculation that the dollar will fall and the euro will rise following the Fed announcement, Steven Saywell, head of FX strategy at BNP Paribas, told Reuters’ London bureau:
“It’s a very powerful combination of the Fed coming together with improved sentiment towards the euro zone. The top trades are short dollar against the commodity bunch, and long euro against the yen, dollar and Swiss franc”
Since September 1st, the euro has gained 3.5 percent against the US dollar, and a total of 8% since reaching a 2 year low of $1.2042 in late July.
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