US dollar index is recovering slightly today after hitting a 2016 low yesterday. Following send remarks, the US dollar went into a tailspin. Now, though, the greenback is trading mix against its major counterparts, the dollar index is slightly higher, thanks to a lower euro.
Late Wednesday and yesterday the US dollar index lost a lot ground following the announcement from the Federal Reserve that interest rates would’ve probably only be hiked twice this year instead of four times. Today, the US dollar index is doing better as the greenback steadies against its counterparts. Some of the recovery is also due to the heavy weighting of the euro in the dollar index basket. With the euro dropping due to recent verbal intervention from a member of the ECB, the dollar index is getting a bit of a boost.
Greenback is also trading mixed against other major currencies. Recent gains for oil have been helping the Canadian dollar, but that greenback is gaining against the yen.
At 14:48 GMT the dollar index is higher, moving up to 94.896 from the open at 94.765. EUR/USD is down to 1.287 from the opening at 1.1319. GBP/USD is up to 1.4496 from the opening at 1.4482. USD/JPY is up to 111.5540 from the open at 111.3880. USD/CAD is down to 1.2963 from the open at 1.2977.
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