US dollar is gaining some ground today, improving following last week’s losses. Forex traders are looking ahead to Friday’s nonfarm payrolls, and there are still expectations that the Federal Reserve may raise interest rates by the end of the year.
Last week was rough for the greenback against its counterparts in Forex trading. The dollar lost a lot of ground with the release of disappointing GDP data for the second quarter.
Today, though, things are improving. The dollar is higher against its major counterparts as disappointing data in other regions is seen. Additionally, there is optimism ahead for the greenback.
Nonfarm payrolls are expected to be released on Friday, and there are some hopes that they will beat expectations and make up for the recent GDP data. On top of that, even with some of the recent setbacks, there are still some expectations that the Fed might raise rates again before the end of 2016.
At 12:34 GMT the US dollar index is heading higher, moving up to 95.717 from the open at 95.589. EUR/USD is lower, dropping down to 1.1166 from the open at 1.1177. GBP/USD is also down, falling to 1.3209 from the open at 1.3240. USD/JPY is higher, gaining ground to 102.71 from the open at 102.32.
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