US dollar is slumping a little bit today, thanks in part to a shift of focus away from currencies. The latest economic data release hasn’t done a lot to encourage the greenback, and many institutional Forex traders are instead looking at earnings and focusing on stocks right now.
The latest durable goods data released in the United States shows a stronger than expected performance. However, this news was offset a little bit by a rise in weekly jobless claims. In general, though, there is a lack of big economic news, and many traders are more interested in what’s happening with stocks right now. Company earnings are a big focus right now, so many institutional traders can’t be bothered with currencies.
As a result, the US dollar is losing some ground today. Dollar is mostly lower right now, as other concerns take precedence. However, even though greenback is out of the spotlight right now, there are those who expect it to take a more prominent role next week. The monthly jobs report will be released, and that is the measure that the Federal Reserve has said will help it determine what’s next in terms of tapering.
At 17:45 GMT EUR/USD is up to 1.3226 from the open at 1.3200. GBP/USD is up to 1.5326 from the open at 1.5314. USD/JPY is down to 99.6190 from the open at 100.2580.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
