US Dollar Falls Further On Another Blow

The US dollar continued to move lower, adding to the losses suffered on Friday, after the release of weak non-farm payrolls data. The fall in the value of the dollar was worsened by comments made by a Federal Reserve official on the possibility of US interest rates continuing to remain low for some more time.

The value of the US dollar was further dented by the improved risk appetite of investors, after the robust Chinese export data boosted optimism of a recovery in the global economy. This optimistic approach lifted the euro and other commodity-linked currencies, such as the Australian dollar.

The euro rose 0.8% to $1.4530, having reached its highest level in more than three weeks at $1.4546. Meanwhile, the Australian dollar created a new five-week high versus the US dollar at $0.9325.