US dollar is mostly higher today, gaining ground against many of its counterparts as better than expected data prompts hopes of action from the Federal Reserve. Greenback is down against the pound, but gaining against other counterparts.
The latest readings for advanced retail sales, as well as the University of Michigan Confidence Index, are helping the US dollar today. Expectations that the Federal Reserve may act to raise interest rates at some point this year are on the rise, and that is helping the dollar. These expectations are being helped along by recent hawkish comments from different FOMC members.
Greenback is mostly higher against its major counterparts, although the dollar continues to struggle against the pound. However, as the worries over a Brexit from the European Union rise, there is a good chance that the dollar will gain against the sterling. As long as the US economy continues to show some improvement, the dollar should find some support.
At 13:23 GMT the US dollar index is higher, moving up to 94.610 from the open at 94.552. EUR/USD is lower, dropping to 1.1317 from the open at 1.1320. GBP/USD is gaining ground to 1.4464 from the open at 1.4401. USD/JPY is higher, gaining to 109.57 from the open at 1.4401.
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