The US dollar index is higher today, thanks to the greenback’s performance against most of its counterparts. The US dollar is gaining ground against a number of its counterparts as economic data from other regions comes in, and as the ECB announces that it will extend its dollar liquidity program.
The US Department of Labor released its latest CPI data, showing that that May CPI rose 0.4 per cent in May. While this change is lackluster, there are still hopes for economic recovery. Besides, the US situation is still better than what is happening in the eurozone, and that is giving the greenback an edge.
Indeed, many Forex traders are still counting on changes to the Federal Reserve’s asset purchase program, as well as an increase in interest rates sometime in the relatively near future.
With expectations of better economic performance, the US dollar is mostly higher today, gaining against most of its major counterparts. Also helping is the fact that the ECB announced, today, that it will be extending its US dollar liquidity operations.
At 14:01 GMT the US dollar index is up to 80.6090 from the open at 80.4580. EUR/USD is down to 1.3542 from the open at 1.3574. GBP/USD is down to 1.6961 from the open at 1.6983. USD/JPY is up to 102.1685 from the open at 101.8300.
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