There is a lot for Forex traders to consider today, and the result is a so-far mixed performance fort he US dollar. Greenback is down against the euro and the Canadian dollar right now, but higher against the UK pound and the Japanese yen. Economic data in the United States is taking a slightly positive turn, but there are still worries about the eurozone.
US jobless claims dropped fort he first time in a month, falling to 365,000 for the last week. The drop beat analyst expectations, and added a little bit of risk appetite to the markets. Mario Draghi, the president of the European Central Bank is being asked to describe his “growth compact” which is supposed to be a plan to help pull the eurozone economy out of the recession that some think is afflicting the 17-currency region.
However, even with such a “growth compact” in place, the eurozone still faces plenty of hurdles. The euro is getting help against the US dollar, though, since the ECB decided to keep its benchmark rate at 1%. The pound, though, is struggling against the US dollar today, dropping as concerns about economic growth spur talk of possible stimulus — even with the inflation rate higher than the target.
At 13:30 GMT EUR/USD is up to 1.3167 from the open at 1.3158. GBP/USD is down to 1.6177 from the open at 1.6200. USD/JPY is up to 80.4940 from the open at 80.1415. USD/CAD is down to 0.9851 from the open at 0.9863.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
