There’s a decent amount of downward pressure on the greenback right now, and the dollar index is falling. Greenback is trading lower against its major counterparts and is mostly lower against other currencies today.
With oil prices and gold prices heading higher, there is downward pressure on the greenback today. US dollar is down against the euro and yen, and is losing ground to commodity currencies.
Profit taking has been part of the reason the dollar has been falling against the euro. After the euro lost ground following lackluster economic data, dollar bets were on the rise. Now Forex traders can take their profits and move on.
Another reason the dollar is stalling today has to do with the fact that some of the expectations for a Fed rate hike sooner rather than later are fading. There is a lot going on right now, and not all of it is dollar positive.
At 14:49 GMT the US dollar index is heading lower, dropping to 95.059 from the open at 95.410. EUR/USD is heading higher, gaining to 1.1200 from the open at 1.1156. GBP/USD is also higher, after overcoming earlier losses, rising to 1.4700 from the open at 1.4696. USD/JPY is lower, dropping down to 109.72 from the open at 110.19.
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