The Dollar Index, which measures the Dollar against its other major currency counterparts, has fallen to a fifteen month low.
The Euro has reached four and a half month highs on the US currency whilst Sterling has reached its highest levels since January 2010.
This broad downwards pressure on the Dollar has suggested to some analysts that the its safe-haven status has all but vanished of late. A slump in US existing home sales which are at the lowest level in 9 years and the fact that there are no immediate expectations for an interest rate rise in the US in comparison to Europe where a rise is expected as soon as next month, and the UK where a rise is expected in the summer are adding further pressure.
The Canadian Dollar surged against the US Dollar by the most in almost seven weeks as crude oil prices continue to rise as turmoil in North Africa and the Middle East continues. As well as the rising oil prices, the Canadian Dollar is also benefiting from the return to riskier currencies as the nuclear crisis in Japan is coming further under control.
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