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By: Barbara Zigah Whetted investor risk appetite has pushed the U.S. Dollar Index to its lowest point in 3 years, and analysts expect that further decline in the index is likely. The U.S. Dollar Index measures the greenback’s value against a weighted basket of major currencies, as reported at 3:46 p.m. (JMT) in Tokyo, the Index slipped to 73.898 .DXY, a decline of 0.6% and the lowest price since August 2008, significantly just prior to the collapse of Lehman Brothers which triggered the rush into safe-haven currencies. Markets players say the move is being fueled by investor short covering in the dollar ahead of the Easter break.

The increase in higher risk assets is being attributed to robust corporate earnings from the United States, an indication that the global economy is moving forward in spite of the Federal Reserve’s stance that the current ultra loose policy is appropriate at this point in time. The outlook for the U.S. dollar remains dim in the long-term however, with investors worrying about the impact that a debt downgrade could have on the Fed’s ability to buy bonds at the currently low prices. The U.S. Dollar has been under pressure from the majority of currencies; against the Euro, it lost 0.7% to trade at $1.4612 after striking a low of $1.4618 on the EBS trading platform.

http://www.dailyforex.com/forex-news/2011/04/Investors-Shun-Safe-Havens-Sending-Dollar-Index-to-3-Year-Low/7736

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