US dollar is finding some strength today, thanks to recent economic data. While the greenback is slightly lower against the euro today, it is stronger against other major currencies.
Euro was a little weaker earlier, thanks to concerns about the divergence between the ECB‘s benchmark and market rates. However, the idea that the financial system is stabilizing is enough to give the euro a very small edge.
Against the UK pound, though, the dollar is doing a little better. Comments made by MPC member Martin Weale about the possibility of weakening the pound in order to help the economy sent sterling lower. And, while forex traders didn’t completely follow through with yen selling, the greenback is still higher against its Asian counterpart.
US dollar is higher against the Canadian dollar mainly on the strength of recent economic data. Improved consumer sentiment and manufacturing numbers in the United States provide a sharp contrast with concerns about the Canadian economy slipping a bit.
At 16:28 GMT the US dollar index is up to 80.629 from the open at 80.575. EUR/USD is only a little higher at 1.3350, up slightly from the open at 1.3348. GBP/USD is down to 1.5474 from the open at 1.5505. USD/JPY is up to 93.9500 from the open at 93.6965. USD/CAD is up to 1.0094 from the open at 1.0073.
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