US dollar is set to end the week on a high note, thanks to better data out of the United States, combined with safe haven demand. Volume is relatively low, though, thanks to the fact that many markets are closed for Good Friday ahead of the Easter holiday on Sunday.
US dollar is higher today, thanks to a combination of solid economic data out of the United States, as well as a desire for safe haven. The dollar seems like a strong bet right now, due to this combination of factors.
Today, the Commerce Department in the United States reported that personal spending increased 0.7 per cent in February. The news indicates that consumers might be ready to spend more money, and that could help the economy. Even with the somewhat sluggish growth of the US economy, it’s still better than what is being seen in the United Kingdom and in the eurozone.
Plus, all the uncertainty surrounding the eurozone sends Forex traders toward safe haven currencies. Back by the world’s most stable taxpayer base, the US dollar is an ideal safe haven.
At 16:46 GMT EUR/USD is down to 1.2812 from the open at 1.2815. GBP/USD is down to 1.5187 from the open at 1.5191. USD/JPY is down to 94.2045 from the open at 94.2100.
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