US dollar index is moving higher today, even as the greenback itself trades mixed. There is reason to suppose that the dollar will retain support, thanks to global economic uncertainty.
The US dollar index, which measures the greenback’s performance against a weighted basket of currencies, is higher today. Helping the dollar index move through the 99.00 mark is the fact that the euro is lower against the dollar right now, and the 19-nation currency has the greatest weight in the basket.
Greenback is trading mixed today, gaining against the euro and the yen, but dropping against the sterling. There are expectations that the dollar will remain supported in general, though. With uncertainty surrounding China, and with commodities like oil and gold struggling, there are factors available to prop up the dollar.
For now, with the US markets closed for a holiday and with traders waiting for more economic news out of China tomorrow, most trading is rangebound.
At 15:16 GMT the US dollar index is higher, gaining to 99.024 from the open at 98.956. EUR/USD is falling, dropping to 1.0896 from the open at 1.0930. GBP/USD is higher, though, gaining ground to 1.4283 from the open at 1.4260. USD/JPY is also higher, moving up to 117.3580 from the open at 116.7650.
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