US dollar index is heading higher against today, helped along by Greek drama as the euro struggles. There doesn’t seem to be a good solution to the Greek problem right now, and there are now calls for Greece to abandon the euro — and perhaps use the dollar.
Greenback is trading mixed today against its major counterparts, but the dollar index is higher, thanks in large part to the fact that the euro is mostly lower. European markets are struggling as problems in Ukraine continue, and as Greece continues to battle with other eurozone leaders about changing the terms of its bailout (again).
Another interesting twist in the Greek drama is that some suggest that Greece exit the eurozone and instead adopt the US dollar as a currency. The move would add a little more demand for the greenback. The dollar is also getting some support from recent economic data, which is encouraging, if not fantastic. Additionally, commodities are lower today, and the dollar is finding some support in lower gold and oil prices.
At 12:48 GMT the dollar index is up to 94.6670 from the open at 94.5030. EUR/USD is down to 1.1296 from the open at 1.1324. GBP/USD is up to 1.5232 from the open at 1.5217. USD/JPY is up to 119.0940 from the open at 118.5760.
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