Greenback Continues to Look for Direction

US dollar is trading mixed today, and the US dollar index is down, thanks to a lot of the upheaval in the world right now. Greenback is trying to push higher after losing ground recently, and the results depend largely on a number of global factors.

It’s been an interesting week so far, as the US dollar has seen a great deal of weakness. Oil and gold prices remain choppy, and that is impacting the US dollar. There are also concerns about news out of China and Greece. There’s not a lot to support currencies like the euro right now, yet the euro is gaining against the greenback.
US dollar has rallied in recent weeks, and some think that it’s time for a correction — or at least a consolidation. That appears to be happening to some degree. The dollar is regaining lost ground against the yen, after falling yesterday, and is even rising against the pound. However, even with these advances, the dollar index is a little lower today.
At 11:48 GMT the US dollar index is down to 88.2670 from the previous close of 88.2710. EUR/USD is up to 1.2456 from the open at 1.2445. GBP/USD is down to 1.5676 from the open at 1.5712. USD/JPY is up to 118.4640 form the open at 118.9000.

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