The US dollar was attempting to extend its rally today but had limited success. The currency gained against the euro and the Japanese yen but trimmed gains as of now. Against the Great Britain pound, the greenback erased its gains altogether.
The dollar continued to receive support from the outlook for monetary tightening from the Federal Reserve. Today’s underwhelming economic data from the United States hurt the attractiveness of the US currency but not to a great degree.
Trading is quiet today and will be even more sluggish tomorrow due the Good Friday holiday. This means that no big moves on the Forex market are expected. Yet a report on US gross domestic product will be released on Friday, and it may have a strong impact on the greenback.
EUR/USD trade at 1.1173 as of 16:48 GMT today after opening at 1.1179 and falling to 1.1144. USD/JPY gained from 112.38 to 112.71 but backed off from the daily high of 113.00. GBP/USD dropped from 1.4116 to 1.4057 but recovered and trades at 1.4157 currently.
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