US Dollar Consolidates as Forex Traders Look for Direction

US dollar is mostly lower today as it consolidates and traders look for direction. With commodities higher and the dollar index lower, it appears that Forex traders are positioning themselves for what might be next.

There hasn’t been a lot of meaningful economic data released recently, and that is impacting the greenback’s performance. Right now, the US dollar is in a state of consolidation, and is lower against many of its counterparts as Forex traders take profits and position themselves for what’s next.
Commodities are higher today, too. Gold and oil are both gaining ground. Oil is above the $60 a barrel mark and gold is once again within striking distance of $1,200. The dollar index is lower, and is also likely in a state of consolidation.
Forex traders will be looking for clues as to what to do next by waiting to see what upcoming economic data shows, and taking their clues from other policy decisions from around the world.
At 10:21 GMT the US dollar index is down to 94.3090 from the open at 95.0700. EUR/USD is higher, moving up to 1.1265 from the open at 1.1156. GBP/USD is also gaining, heading up to 1.5678 from the open at 1.5587. USD/JPY is lower, falling to 119.8820 from the open at 120.0890.

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