US dollar is gaining ground against majors today, heading higher as risk aversion continues, but things improve for the US economic picture. Concerns about a slow down in growth for the US economy led to a lower dollar yesterday, and worries about emerging markets weighed on stocks. Today, things are a little different.
Now, stock futures look to recover, and the US dollar is heading higher. There are still concerns about emerging markets, as well as what’s next for European markets, but the difference is that Forex traders are turning to the US dollar for stability today. Even with a bit of uncertainty about additional economic data expected to be released later this week, there are hopes that the situation will improve. At least, there are hopes that the US dollar will serve as a reasonable anchor in the storm of emerging market difficulties.
After days of struggling, US stock futures are pointing to a higher open, and there are hopes that this latest panic is over as the dollar index heads higher.
At 14:23 GMT the US dollar index is higher at 81.1310 from the open at 81.0920. EUR/USD is down to 1.3509 from the open at 1.3528. GBP/USD is also lower, down to 1.6301 from the open at 1.6306. USD/JPY is up to 101.4530 from the open at 100.9930.
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