US Dollar Lower Across the Board
US dollar is lower across the board as equities show some spunk today. US stock futures are expected to open higher, and British stocks are higher today. There is a measure of risk appetite today as Forex traders consider what could be positive economic data.
In the United States, it appears that the housing market could be starting a recovery. Additionally, an unchanged jobless claims report has some hoping that matters could be further stabilizing. While many would have liked to see fewer unemployment claims, a steady report is better than losses.
The good news is also present in Europe. UK pound took a beating yesterday on the possibility of more quantitative easing, but the CBI Industrial Trends Survey from the United Kingdom is showing some evidence that economic recovery may come sooner than expected — and maybe that quantitative easing won’t be needed after all.
In the eurozone, news seems to be improving as well. Data had been pointing to a possible recession for the eurozone, but better than expected data out of Germany’s Ifo Institute seems to be easing concerns. Business confidence jumped more than expected, and that is providing a boost.
At 14:16 GMT EUR/USD is higher at 1.3300, up from the open at 1.3247. GBP/USD is up to 1.5716 from the open at 1.5670. USD/JPY is lower at 80.2650, down from the open at 80.2950.
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