US dollar is pulling back against high beta currencies today, heading a little bit lower as risk appetite appears. Good news out of China is helping the situation, even though there are still concerns about eurozone recession. Dollar is also poised to rally against the yen, and breach the 100-yen level.
US dollar is lower against its major counterparts today. Even against the euro, which has been struggling with concerns about the eurozone periphery and continued recession, the dollar is lower. The latest export data out of Germany shows a drop, but that is not what many are focusing on today.
Instead, there is a lot of focus on the latest Chinese data. It appears that China is doing reasonably well, and there are hopes that the good news for China will soon mean a better global economy.
US dollar almost breached the 100-yen level today as well. However, the greenback fell back. However, with the BOJ likely to increase stimulus measures, there is a good chance that this is only a temporary consolidation before the US dollar breaches the 100-yen level.
At 14:40 GMT EUR/USD is up to 1.3030 from the open at 1.3010. GBP/USD is up to 1.5298 from the open at 1.5257. USD/JPY is down to 99.0520 from the open at 99.3600.
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