Greenback is mostly higher today, continuing its recent climb. Even though the greenback eased back from a dollar index high not seen for more than a decade, the currency is still heading steadily higher today.
In earlier trading, the US dollar index reached an 11-year high. However, after touching that level, the greenback pulled back a little bit. Coming economic reports out of the United States and Europe have some Forex traders reverting to wait and see mode.
However, even with the slight pullback, the US dollar is still gaining ground against many of its major counterparts. The economic recovery in the United States continues to show progress, and many expect that it will lead to an increase in interest rates this year.
Coming economic news this week includes ADP payrolls, which are expected to show an increase in employment for February, along with the government’s non-farm payrolls report. ISM non-manufacturing data is to be released for the United States this week, and many Forex traders are looking forward to the Fed’s Beige Book release.
At 11:08 GMT the US dollar index is up to 95.7050 from the open at 95.3400. EUR/USD is down to 1.1120 from the open at 1.1176. GBP/USD is down to 1.5328 from the open at 1.5367. USD/JPY is down to 119.6550 from the open at 119.6930.
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