US Dollar Gains the Upper Hand Today
US dollar is gaining the upper hand today as uncertainty makes its appearance. At first there was profit taking from yesterday’s gains against the US dollar, but now there is a bit of an edge to the markets as investors and Forex traders await more information.
Greenback is gaining against high beta currencies today, particularly the euro and the loonie, as Forex traders wait for the latest round of economic data. There is a great deal of interest in what is probably next for the US economy as well as for the global economy.
Later today, the US Federal Reserve is expected to release the minutes of its latest FOMC meeting. Forex traders will be looking for clues about whether or not another round of stimulus is forthcoming for the US economy. Additionally, existing home sales data is expected for today. That should provide insight into the strength of the US economic recovery.
Euro is managing to maintain some of its earlier gains, although it is down against the US dollar. The firm belief that a compromise will be reached on Greece, as well as the ECB’s inevitable interference to keep the euro solvent, is providing some support.
At 13:17 GMT EUR/USD is down to 1.2439 from the open at 1.2472. GBP/USD is down to 1.5777 from the open at 1.5784. USD/CAD is up to 0.9943 from the open at 0.9892.
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Earlier News About the US Dollar:
- US Dollar Weakens as Hope Rises for the Eurozone (2012-08-21)
- US Dollar Higher on Expected Volatility, Better Data (2012-08-17)
- 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)