US Dollar Drops in Forex Trading
US dollar is lower in Forex trading today, dropping as traders get excited about Mario Draghi’s comments. The ECB president vowed to save the euro, and that has risk appetite surging, and Forex traders see little need for a safe haven like the US dollar in all the eurphoria.
Mario Draghi‘s comments are driving the markets higher today, and that includes high beta currencies. US dollar is down as a result. Greenback is down against most of its major counterparts as risk appetite holds sway. Forex traders (and just about all the investors out there) are excited about Draghi’s comments, and that is sending the dollar lower, especially against the euro.
US economic news is also providing a smaller boost to confidence. Initial jobless claims are down again, and the four-week moving average also shows some improvement. While the labor market in the United States still struggles, it is make improvement. This is helping risk appetite, and contributing to the general air of excitement — although the US economic news is still overpowered by the Draghi remarks.
At 13:49 GMT the US dollar index is down to 82.750 from the open at 83.650. EUR/USD is up to 1.2292 from the open at 1.2154. GBP/USD is up to 1.5689 from the open at 1.5499. USD/JPY is up to 78.2130 from the open at 78.1650.
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Earlier News About the US Dollar:
- Dollar Reaches Two-Year High vs. Euro (2012-07-24)
- US Dollar Gains as Risk Aversion Rises (2012-07-23)
- US Dollar Loses Some Ground to Euro as Bundestag Decision is Released (2012-07-19)
- US Dollar Regains Upper Hand against the Euro (2012-07-16)
- US Dollar Turns Lower as Optimism Returns (2012-07-13)