US Dollar Turns Higher

US dollar is moving higher today, gaining now, even as it lost some ground earlier. It’s true that US dollar has been somewhat flat today against other majors, but it was falling against the euro at one point. Now, though, the greenback has the upper hand again as uncertainty takes center stage and Forex traders begin looking for a little safety.

US dollar index is higher right now, off the day’s low at 78.603. The dollar index is gaining as the US dollar heads higher against the euro and pound, as well as the yen. Greenback has slipped somewhat against the loonie, but the US dollar is holding its ground against the Aussie — thanks to an unexpectedly deep rate cut from the RBA.
Helping the greenback find stability is the fact that the latest ISM data shows that manufacturing is expanding. The index was up to 54.8% in April from the March 53.4%. The news provides some evidence that the US economy remains in recovery, albeit a somewhat sluggish recovery. This is being contrasted with the political upheaval expected in Europe over the next month due to elections, as well as concerns about the rest of the global economy.
At 14:32 GMT the US dollar index is at 78.943, up from the open at 78.782. EUR/USD has slipped to 1.3216 from the open at 1.3239. GBP/USD is down to 1.6188 from the open at 1.6234. USD/JPY is up to 80.2680 from the open at 79.8200. USD/CAD is a little lower at 0.9854 from the open at 0.9871.

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