The US dollar fluctuated today, without moving in any particular direction, as traders continued to speculate if the Federal Reserve will tamper its quantitative easing program as soon as the next month.
As was expected, the US currency continued to follow the outlook for Fed’s QE tampering that was constantly changing. Durable goods orders slumped 7.3 percent in July, more than twice the forecast decrease. The report followed poor housing data on Friday that has resulted in weakness of the greenback.
The unfavorable news made the dollar soft. Yet the greenback is trying to recover with various degrees of success against different currencies. It looks like even bad macroeconomic data is not able to convince most traders that the US central bank may not reduce monetary stimulus in September.
EUR/USD dropped from 1.3382 to 1.3356 before trading at 1.3378 as of 23:47 GMT today. GBP/USD climbed from 1.5562 to 1.5610, but retreated to 1.5582 later. USD/JPY declined from 98.54 to 98.21.
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