US Dollar Mixed, But Mostly Higher

  March 12th, 2012 at 15:04, Miranda Marquit

Packs of US 100-dollar billsUS dollar is mostly higher today, gaining on mixed news from around the world. While greenback is higher against the UK pound and the Australian dollar today, though, it is down against the euro and the Japanese yen. However, the dollar index remains higher, and is above 80, so there is some relative strength to be seen by the US dollar.

Mixed data from around the world is creating mixed results for the US dollar. While the greenback is mixed against major currencies, it does have enough support that the dollar index remains above 80, and is higher on the day so far.

US dollar is finding support from lower commodities, with gold prices and oil prices both lower. Indeed, greenback usually moves inversely to both these commodities and their drops are helping buoy the US dollar up. Interestingly, though, the euro is higher against the US dollar. Normally, euro moves with gold. However, with eurozone finance ministers ready to approve the Greek bailout, euro is finding some support — in spite of concerns that Spain could provide the next sovereign debt crisis.

Also affecting global currencies is the news that China’s trade deficit grew more than expected. China is disappointing hopes of leading a global economic recovery and helping the greenback against such high beta currencies as the UK pound and the Australian dollar.

At 15:00 GMT EUR/USD is higher at 1.3128, up from the open at 1.3112. GBP/USD is lower at 1.5633, down from the open at 1.5672. USD/JPY is down to 82.2375 from the open at 82.5180. AUD/USD is down to 1.0492 from the open at 1.0567.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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