The dollar strengthened against the euro for the 3rd week in a row and rose against the majority of its major counterparts as concern grew over the ongoing Egyptian unrest and the debt crisis in Europe.
Investors sought the relative safety of the dollar as speculation increased over Portugal’s funding costs rising to an unsustainable level along with Egyptian President Hosni Mubarak stepping aside and handing power over to the military. Investors were further encouraged to seek out greenbacks with positive U.S.jobs data recently released along with a forecast increase in January retail sales.
