The U.S. dollar declined on April 27, as the sentiment of traders engaged in fx risk management was impacted by a report containing U.S. gross domestic product (GDP) data and news that ratings agency Standard & Poor's (S&P) lowered the credit rating of Spain.
The 17-nation euro rose to as high as $1.3270, which was its high value against the greenback in three weeks, according to Reuters. The common currency was most recently trading at $1.3250, which was 0.3 percent higher for the day. The U.S. dollar dropped to as low as 80.38 yen, before paring these losses to reach 80.44 yen.
S&P lowered Spain's credit rating by two notches, CNBC reports. A Commerce Department report indicated that U.S. GDP rose at an annualized rate of 2.2 percent during the first quarter.
Corporate risk managers need to monitor changes in safe currencies such as the Swiss franc if they wish to minimize the impact of changing foreign exchange rates on financial performance. Foreign exchange technology can provide the decision makers with the real-time currency data they need.
