The dollar dropped against all major currencies today with large changes between euro and franc (see forex tables below). Dollar Exchange Rate The euro gained 1.28 percent against the U.S. dollar Monday (see average chart below). That is the largest single day gain since Sunday / Monday of last week.

Good economic news around the world helped drive down the dollar. The safe haven became less important with good news from the euro zone and China. Euro and Yen Exchange Rates.

The euro gained against all major currencies Monday (see survey 1 cross table below). The euro was up 1.527 percent against the Hong Kong dollar and 1.126 percent against the pound sterling.

The yen lost 1.064 percent against the euro and 0.826 percent against the Swiss franc today
Chinese Industrial Production

The government of China released a statement on Saturday indicating strong industrial growth. In August 2010, the industrial output was 13.9 percent higher than August 2009. “In the first eight months of this year, it was up 16.6 percent year-on-year”, the statement read.
Basel III Agreements

The Bank of International Settlements released a statement Sunday indicating that banks would not need to begin meeting higher capital ratios until 2015. This moves the date back from 2013.

“The capital conservation buffer will be phased in between 1 January 2016 and year end 2018 becoming fully effective on 1 January 2019,” the statement read. “It will begin at 0.625% of RWAs on 1 January 2016 and increase each subsequent year by an additional 0.625 percentage points, to reach its final level of 2.5% of RWAs on 1 January 2019.”