US Dollar Falls Back After Chinese Data

US dollar is heading lower today, falling back after the latest Chinese data. Growth concerns in China are weighing on the markets, but that isn’t helping the greenback. Instead, the US dollar is lower almost across the board.

The latest Chinese data has many investors and Forex traders concerned about what’s next. However, this isn’t prompting gains for the US dollar as a safe haven. Instead, the greenback is mostly lower today, and the dollar index is falling. One of the factors putting pressure on the US dollar is the rise in gold prices. Gold is back above $1,300 per ounce. Even though gold could easily slip back below that level, the reality is that gold is higher today, and there is uncertainty about what’s next for the greenback and those factors are weighing.
Euro’s gains against the US dollar might be limited, though. There are expectations for easing next month, and that should weaken the 18-nation currency. The pound and the yen could remain higher against the dollar, though.
At 13:46 GMT the US dollar index is down to 79.9200 from the open at 80.0280. EUR/USD is up to 1.3720 from the open at 1.3696. GBP/USD is also higher, up to 1.6831 from the open at 1.6815. USD/JPY is lower, dropping to 101.2030 from the open at 101.5350.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *