US Dollar Index Gains Ground as Traders Look Ahead to Data

US dollar index is gaining ground today as Forex traders look ahead to what are expected to be positive data releases later this week. Greenback is trading a little mixed against its major counterparts, moving down against the pound, but the dollar index is higher.

US dollar is getting a boost against the euro as the Greek drama once again takes center stage, even with a bailout agreement in place. Due to the heavy weighting of the euro in the dollar index, this is helping the index move higher. Greenback is also higher against the Japanese yen today, which is also helping its performance against the basket of currencies that make up the dollar index.
The US dollar is down against the UK pound for now, but that could change as the hawks on the Bank of England’s Monetary Policy Committee ease their rhetoric as the Greek crisis continues in the eurozone.
At 1:35 GMT the US dollar index is up to 96.60 from the open at 96.05. EUR/USD is heading lower, dropping to 1.1043 from the open at 1.1095. GBP/USD is higher, gaining ground to 1.5533 from the open at 1.5500. This is lower than the high seen by the pound last week, but still an improvement from recent events to start the week. USD/JPY is up to 123.4870 from the open at 122.1880.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

twenty six − = 16