US Dollar Surges Higher Overnight

US dollar is heading higher, gaining ground in overnight trading and recovering after recent losses. The greenback is showing strength as other currencies, notably the pound and the yen, show weakness. There is not a lot to stop the US dollar right now, with uncertainties about geopolitical outcomes, and the fact that the US economy remains on the road to recovery, even as other economies fall behind.

Greenback is higher almost across the board today, surging ahead of a critical G20 meeting this weekend, and ahead of coming economic data. While no one expects much from the eurozone’s GDP data, there is a lot of interest in US retail sales data due to be released a little bit later.
For the most part, the greenback’s strength is coming from the weakness of other currencies. The yen continues near some of its lowest levels ever, and sterling weakness continues as disappointing data remains in focus. And, of course, concerns over fresh fighting in Ukraine create uncertainty in the realm of geopolitics. It’s no wonder the US dollar is surging right now.
At 11:16 GMT EUR/USD is down to 1.2455 from the open at 1.2478. GBP/USD is also lower, dropping to 1.5670 from the open at 1.5711. USD/JPY is up to 116.4080 from the open at 115.7790.

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