US Dollar Struggles, Supporting Commodities

US dollar is struggling today, and that is helping commodities as the greenback drops against its major counterparts. Dollar is also lower as Forex traders position themselves for a Greek bailout deal and look to the future.

Dollar index is lower today, falling as the greenback drops against most of its major counterparts. The US dollar is struggling today after seeing gains recently. Many Forex traders are consolidating their positions and looking ahead to what’s next.
A Greek bailout deal appears to be almost complete, and that is helping the euro. Worries that Greece will have to leave the eurozone are fading, and concerns about Spain are also disappearing to some degree. There are hopes that the eurozone economy will keep recovering.
Also putting pressure on the greenback is the fact that commodities are moving higher. Concerns about the US economy are starting to surface as data misses some of its marks. This is providing interest in gold as a hedge. On top of that oil prices are inching up, with crude oil reaching higher than $61 per barrel.
At 11:36 GMT the US dollar index is down to 96.824 from the open at 97.4640. EUR/USD is up to 1.1037 from the open at 1.0927. GBP/USD is up to 1.5240 from the open at 1.5201. USD/JPY is down to 124.7800 from the open at 124.7820.

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