US dollar is mostly lower today as rangebound trading is the norm. With US markets closed for a holiday, volume is rather low, and currencies are trading rangebound in the FX market.
Even though the US dollar is mostly lower, and the dollar index is lower today, there isn’t much action. Greenback is lower, but not by much. Most of the major currency pairs are rangebound as US markets are closed for the Martin Luther King, Jr. holiday.
However, there will be plenty to consider when the markets open tomorrow. Today is the inauguration for President Barack Obama‘s second term, and there is a lot going on in the markets. It’s still earnings season for corporations in the United States. Additionally, there is a great deal of interest surrounding the debt ceiling, as well as what will happen with spending. It’s a volatile time, and today’s rangebound trading isn’t likely to last; we will probably see some moves before long.
At 15:21 GMT the US dollar index is down to 80.03 from the open at 80.04. EUR/USD is up to 1.3312 from the open at 1.3307. GBP/USD is also higher, moving up to 1.5844 from the open at 1.5844. USD/JPY is down to 89.75 from the open at 89.883.
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