Greenback is trading mixed today as the latest ISM data is released. The US dollar is down against sterling, but up against the euro and the yen. The dollar index is also higher today.
The latest ISM data showed an improvement to 49.5 in February, up from January’s reading of 48.2. This still marks several months of being below the 50.0 mark, but there is still improvement.
While the news is helping buoy the US dollar a little bit against some of its major counterparts, the reality is that many Forex traders will be waiting to see what happens in the next couple of weeks. The Federal Reserve has a meeting coming up in the middle of March, and investors and traders will be looking for clues as to what to expect in terms of a rate hike.
Even though the situation is improving in the United States, there might be enough other risks, with China, oil, and the EU, that the Fed may be reluctant to raise rates.
At 15:10 GMT the US dollar index is up to 98.346 from the open at 98.156. EUR/USD is down to 1.0842 from the open at 1.0879. GBP/USD is up to 1.3925 from the open at 1.3919. USD/JPY is up to 113.420 from the open at 112.7300.
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