US Dollar Index Holds to Gains

US dollar index is holding on to some of its earlier gains, even though the greenback isn’t as high against its major counterparts as earlier. Most of the dollar’s strength is coming from other currencies’ weaknesses right now.

The US dollar is trading mixed today, but the dollar index remains higher in general. Dollar index is getting a lot of help from the fact that the yen and the euro are both lower against the greenback today.
Yesterday, the San Francisco Federal Reserve published a report that indicates that interest rates might rise sooner than expected, and that drove gains for the greenback. Today, some of those gains are less dramatic, but the dollar still maintains its strength.
Other currencies are showing weakness today, and that is also helping the greenback maintain its advantage. With ECB officials and others praising recent rate cuts in the eurozone, and with the BOJ expected to keep the yen down, there is a lot of room for the greenback to grow.
At 10:46 GMT the US dollar index is up to 84.3440 from the open at 84.3300. EUR/USD is a little bit lower, dropping to 1.2894 from the open at 1.2895. GBP/USD is higher today, gaining to 1.6142 from the open at 1.6105. USD/JPY is gaining, rising to 106.1785 from the open at 106.0290.

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