US dollar is giving back some of its recent gains today, heading lower as Forex traders step up their profit taking, and as speculation that the Federal Reserve will stay away from further rate hikes the rest of the year increases.
Greenback had seen some gains earlier this week, but now it is lower against its major counterparts. US dollar has largely given back most of its recent gains and is heading lower.
Profit taking is part of the equation, with Forex traders looking to capitalize on recent gains by the US dollar. Lackluster news out of other countries has been weighing on currencies, and the greenback has benefitted.
However, now there are some questions about the economic performance in the United States, and some are wondering if the Federal Reserve might hold off on any more interest rate hikes this year. That speculation is also weighing on the dollar, as is a higher price for gold.
At 13:56 GMT the US dollar index is lower, dropping to 93.949 from the open at 94.246. EUR/USD is moving higher, gaining to 1.1426 from the open at 1.1372. GBP/USD is gaining ground, moving up to 1.4451 from the open at 1.4442. USD/JPY is lower, dropping to 108.4540 from the open at 109.2660.
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