US Dollar Index Rises Today
US dollar index is gaining today, heading higher as a combination of risk aversion and better news in the United States help boost the greenback. Worries about the eurozone are sending Forex traders to safe havens, while the better news in the United States is helping cement some of the gains.
US dollar is heading higher today against major counterparts. There is an interesting combination of risk aversion and better economic data in the United States today, which is helping the greenback against other currencies. Greenback is especially up against the euro, which is struggling on concerns about Spain and the higher bond yields seen.
However, gains for the US dollar are also coming from better data. Same store sales data is mostly better than expected in the United States, and unemployment claims dropped as well. This better news is showcasing the possibility of economic recovery in the United States, contrasting the situation in the eurozone, which seems to be deteriorating to some degree.
Until the eurozone manages to solve its problems, there is a good chance that the US dollar will remain mostly stronger over all — especially if the economic data in the United States continues to improve.
At 14:29 GMT the US dollar index is up to 80.05 from the open at 79.737. EUR/USD is down to 1.3060 from the open at 1.3143. GBP/USD is down to 1.5830 from the open at 1.5890.
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Earlier News About the US Dollar:
- US Dollar Edges Higher as Traders Wait for Fed Minutes (2012-04-03)
- US Dollar Index Declines as Cautious Optimism Makes an Appearance (2012-03-30)
- US Dollar Strengthens as Eurozone Concerns Resurface (2012-03-29)
- US Dollar Mixed as Forex Traders Consider Latest News (2012-03-27)
- US Dollar Weaker on Bernanke's Comments (2012-03-26)