The United States dollar (sign: $; code: USD) is the unit of currency of the United States and is defined by the Coinage Act of 1792 to be between 371 and 416 grains (27.0 g) of silver (depending on purity). The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents (200 half-cents prior to 1857).Taken over by the Congress of the Confederation of the United States on July 6, 1785,[2] the U.S. dollar is the currency most used in international transactions.[3] Although U.S. dollar is a fiat currency, several countries use it as their official currency, and in many others it is the de facto currency.[4]

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Thursday, April 2, 2009

Traders Hesitant to Short U.S. Dollar Ahead of Friday's NFP Report


(CEP News) U.S. dollar bears could be a little hesitant to look for further losses in the greenback ahead of Friday's nonfarm payrolls report.

The U.S. dollar was under extreme pressure Thursday as U.S. equity indexes showed almost 3% gains across the board. The U.S. dollar index lost a full point on the day, closing at 84.446. The greenback gave back most of the gains it has made since March 27.

Investors on Thursday morning were eager to move away from the U.S. dollar and back into higher yielding currencies following positive news from the G20 meeting and changes in the mark-to-market accounting system.
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