US Dollar Higher on Expected Volatility, Better Data
US dollar is higher today, gaining on continued concerns about the situation in Europe, as well as better economic data in the United States. Greenback is gaining as speculation about a Greek exit from the eurozone is speculated on, and as the latest consumer sentiment numbers are released.
It’s been a relatively quiet week, but things are about to pick up soon. German Chancellor Angela Merkel is back from vacation, and ready to meet with eurozone leaders. However, Greece is being called a “failed state,” and there is speculation that mettings next week will focus on the best way for Greece to exit the eurozone.
Of course, more efforts to “save” Greece could be made, too. Another bit of news that is helping the US dollar is the fact that consumer sentiment is at a three-month high in early August. Forecasters had expected to see 72.4, but the Thomson Reuters/University of Michigan survey showed a reading of 73.6.
The news once again underscores the fact that US economy is on its way to recovery, while the eurozone economy continues to struggle.
At 14:08 GMT EUR/USD is down to 1.2313 from the open at 1.2356. GBP/USD is down to 1.5701 from the open at 1.5733. USD/JPY is up to 79.5100 from the open at 79.3390.
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Earlier News About the US Dollar:
- Risk Appetite Appears and Sends US Dollar Lower (2012-08-16)
- US Dollar Performance Mixed (2012-08-15)
- US Dollar Pulls Back as Forex Traders Get a Taste for Yield (2012-08-13)
- US Dollar Surges Ahead After Economic Data (2012-08-09)
- US Dollar Pulls Back as Risk Appetite Makes an Appearance (2012-08-07)