Dollar Index Gains Ground After Earlier Choppiness

Greenback’s performance was choppy early, looking for direction following comments from the Federal Reserve, as well as developments in Ukraine. There is a lot going on right now, and some Forex traders are looking for the stability the US dollar offers. Greenback is still mixed in trading against its major counterparts, but DXY is heading higher.

The dollar index is gaining ground today as Forex traders look for a bit of safety. Earlier, trading was choppy and the dollar struggled following comments from Federal Reserve Chair Janet Yellen. Yellen testified before Congress and said that continued accommodation was needed for the dollar, even though the Fed expects the US economy to pick up the pace later this year.
Things are also changing as Russian President Vladimir Putin attempts to calm matters in Ukraine. He insists that Russia will do what it can to help end hostilities in Eastern Ukraine. While the words are somewhat comforting, many are skeptical since Russia’s annexation of Crimea.
At 13:37 GMT the dollar index is up to 79.2980 from the open at 79.2360. EUR/USD is lower, falling as gold pulls back from earlier gains, dropping to 1.3890 from the open at 1.3910. GBP/USD is up to 1.6955 from the open at 1.6952. USD/JPY is down to 101.7060 from the open at 101.9020.

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