US Dollar Higher Against European Currencies

Even though the US dollar index is a little lower today, the greenback itself is gaining ground against its European counterparts. It looks to be an interesting day following a decision not to indict in Ferguson, as well as concerns about OPEC and the eurozone.

The US dollar index might be lower today, but that doesn’t mean that the greenback is losing ground on an individual basis. Indeed, against European currencies, the dollar is moving higher. The euro is struggling due to a warning from the OECD that the 18-nation currency region might be stagnating. Additionally, there is interest in what’s next for oil futures as OPEC prepares for a big meeting.
For now, the dollar is seeing some strength from all the uncertainty. There seems to be plenty of it, even in the United States. Last night, a grand jury refused to indict a police officer in the killing of an unarmed youth, and protests, followed by looting, broke out. Even with this, though, the dollar is likely to remain strong.
At 12:18 GMT the US dollar index is down to 88.1480 from the open at 88.1760. EUR/USD is down to 1.2431 from the open at 1.2442. GBP/USD is down to 1.5667 from the open at 1.5705. USD/JPY is down to 117.9820 from the open at 118.2550.

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