Dollar surges higher versus majors

Forex trends: dollar surges higher versus majors

On Wednesday the US dollar strengthened against its major counterparts as a fall in European stocks boosted demand for the relative safety of the U.S. currency.

European shares fell in early trade today, slipping back from their highest close in nearly 11 months, tracking a decline in Asia and as metals prices weighed on mining stocks.

Against the European currency, the US dollar edged higher during early deals on Wednesday. At 3:30 am ET, the dollar reached a high of 1.4469 against the euro, compared to 1.4480 hit late New York Tuesday. The next upside target level for the dollar is seen around 1.437.

The US currency that closed Tuesday's North American session at 1.6489 against the British pound slipped to 1.6566 at 2:05 am ET Wednesday. Thereafter, the dollar reversed its direction and is currently trading at 1.6462 versus the pound with 1.616 seen as the next target level.

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