US Dollar Trims Declines on Better Economic News

US dollar is paring some of its earlier losses against some of its counterparts on the latest economic news to be released. Many Forex traders are looking for direction, and taking this opportunity to mull the latest news from around the world.

Greenback was lower earlier, but it is trimming its recent declines right now. Indeed, the US dollar is higher against the euro and the loonie, even as it remains in the red against the pound and the yen.
The latest economic news has helped the greenback, thanks to PMI improvements, especially with grown in the US service sector, which showed improvement in coming off a three-year low in July. The news is once again prompting speculation that the Federal Reserve will begin tapering off its asset purchase program, which amounts to up to $85 billion a month.
Also helping the greenback a bit, especially against the euro, is the fact that gold prices are once again slipping. They haven’t dropped below the $1,300 level yet, but the US session is still young, and that’s a possibility.
At 15:48 GMT EUR/USD is down to 1.3257 from the open at 1.3285. GBP/USD is up to 1.5344 from the open at 1.5293. USD/JPY is down to 98.6000 from the open at 98.9365. USD/CAD is up to 1.0396 from the open at 1.0391.

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