The US dollar is struggling today, faltering as commodities move a little higher, and as it appears that there could be a revolt against higher interest rates from the Federal Reserve.
For the past couple of months, the expectation has been that the Federal Reserve will raise interest rates at its meeting later this month. However, now it appears that there is a growing number of economists, analysts, and pundits that are against the idea of a rate hike. With a possible revolt against Janet Yellen and rate hikes, the US dollar is struggling with uncertainty.
Also weighing on the greenback is the fact that commodities seem to be enjoying something of a recovery. Oil prices and gold prices are higher today, with oil making good progress over the last couple of days, gaining from a recent low.
It will be interesting to see what’s next, and to see how it impacts the greenback and other currencies on the FX market.
At 15:16 GMT the US dollar index is lower, dropping to 97.750 from the open at 98.460. EUR/USD is higher, moving up to 1.0969 from the open at 1.0894. GBP/USD is also higher, gaining to 1.5120 from the open at 1.5009. USD/JPY is down to 122.1130 from the open at 123.0010.
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