US dollar index is lower today thanks in large part to the fact that rates hike expectations are changing. Softer data reports are weighing on the greenback and sending it lower against its major counterparts.
Some analysts and traders have been holding out hope that the Federal Reserve would decide to hike rates in April. However, after the latest round of data, it appears that many will have to wait until June to see a rate hike. The latest US data has been a little bit soft, so there is a good chance that Janet Yellen and her fellow policymakers will put off an interest rate hike until a little bit later in the year.
In earlier trading, the greenback gained a little bit of ground, but now it has given that most of its recent gains. US dollar is mostly lower and the dollar index remains below the 96.00 level.
At 13:38 GMT the US dollar index it Is falling, dropping to 95.898 from the open at 95.942 and off the high reached at 96.222. EUR/USD is up to 1.1203 from the open at 1.1197. GBP/USD is higher, gaining to 1.4275 from the open at 1.4254. USD/JPY is only a little bit lower, dropping down to 113.4400 from the open earlier at 113.4410.
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