Forex Market Update : Epic Research Singapore

The euro extended its losses Tuesday afternoon, following news reports that the European Central Bank may adopt additional measures to stimulate economic recovery in the region. Healthy U.S. housing data also dragged the shared currency lower.

The euro EURUSD, +0.07%  traded at $1.2717 Tuesday afternoon, compared to $1.2795 late Monday. 

The dollar recovered from a massive selloff against the yen that began after the release of Chinese GDP data that printed above expectations, despite being the weakest in five years. It USDJPY, -0.06%  traded at 107.01 yen Tuesday afternoon, compared to ¥106.95 late Monday.

The ICE U.S. Dollar Index DXY, -0.10% a measure of the greenback’s strength against a basket of six rival currencies, was at 85.3570 Tuesday afternoon, compared to 84.9530 Monday evening.

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