US dollar is falling in some of its currency pairs today as profit taking after the surge at the end of the week sets in. Dollar index is still managing to remain higher, however.
Greenback surged at the end of last week, thanks to better than expected nonfarm payrolls numbers. Other data has many speculating that the Federal Reserve will decide to raise interest rates as early as September.
Today, after the gains for the dollar, many Forex traders are consolidating. There is a great deal of profit taking underway right now. Even the continued fighting over Greece in the eurozone isn’t stopping the euro from heading higher on profit taking. However, even so, the US dollar index has managed to remain slightly higher.
A bit of worry about the global economy has come in the form of exports data and imports data from China, and other concerns that China is slowing down a little bit. This uncertainty might favor the greenback.
At 10:42 GMT the US dollar index is up to 96.33, which is slightly higher than the previous close at 96.31. EUR/USD is moving higher, gaining to 1.1127 from the open at 1.1102. GBP/USD is a little lower, dropping to 1.5236 from the open at 1.5264. USD/JPY is down to 125.27 from the open at 125.59.
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