US Dollar Edges Lower Against Other Majors

US dollar is edging lower against other major currencies today. Losses aren’t too big, though, since there is still a great deal of uncertainty in the markets right now. A meeting between Nicolas Sarkozy and Angela Merkel is said to have made “progress” toward a euro agreement, but no major announcements were made.

Meanwhile, better news it the United States lately has been giving rise to some optimism that the recovery is underway. As a result, risk appetite is making a bit of an appearance today and helping high beta currencies like the euro and the Great Britain pound.

However, there are still plenty of concerns that could send the US dollar higher again. Stocks in the United States are a little lower with some uncertainty over earnings. Alcoa‘s earnings, to be released today after the markets close, will kick off a the earnings reports for the fourth quarter of 2011. Forex traders and investors are unsure what earnings season will hold.

Additionally, since no real details for a plan to save the eurozone, and fix the sovereign debt and banking crises, have emerged, the current modest gains for the euro could easily be erased.

At 16:29 GMT EUR/USD is modestly higher at 1.2737, up from the open at 1.2696. GBP/USD is a very little higher at 1.5429, up from the open at 1.5425. USD/JPY is a little lower at 76.8777, down from the open at 76.8950.

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

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *