The US dollar index is at about 75, lower than last week’s close, but it was already in a much worse state, at 74.17 before the Dubai crisis. This strong move by the dollar after the Dubai crisis, is similar to the comeback of the greenback, at the same time last month. Let’s see the different currencies:

Australia’s Private Capital Expenditure is an important indicator for the Aussie. After a leap of 3.3% last month, it’s predicted to rise by 1.1% this time. For more on the Aussie, read the AUD/USD forecast.

General dollar weakness didn’t affect all the currencies. Some have their own troubles. In the forex overview you can find the winners and losers, and what are the major events that affected them.

Australia was the first country to raise interest rates after the global crisis. The move helped other currencies gain against the dollar, and raised the question about which country will be next to raise rates.

The Swiss National Bank intervened again in the currency markets to weaken the national currency. Like in previous cases, USD/CHF jumped in minutes by about 150 pips, from 1.03 to 1.0450. Like in previous cases, this jump was short lived. USD/CHF is now back down to 1.0370. Looking at the near past once again, USD/CHF is going down.

Australian Monetary Policy Meeting Minutes showed that a rate hike isn’t so close. Recovery has yet to prove itself. Australian Housing Starts were also Aussie-bearish, with a fall of 3.7%, contrary to an expected 2.1% rise.

The late dollar comeback that began late on Friday continues today. While the British Pound and the New Zealand dollar suffer, the Swissy and the Yen are weathering this strength.

USD/CHF forex chart with support and resistance lines

Yesterday’s European session pushed most currencies out of long term ranges. EUR/USD was the strongest example, after AUD/USD and NZD/USD already showed the way with early breakouts. Also the Swissy and the loonie reached new ground, and only the Pound stayed behind.

The first figure for today is bid: Britain posts its Revised GDP for the second quarter of 2009. Economists don’t expect a change from the initial read of a 0.8% contraction. A better result will help the beaten Pound. Read more here about the British Pound.