US dollar is heading higher today, finding support as uncertainty about the eurozone weighs on the 17-nation currency and sends Forex traders looking for a little stability.
Greenback is getting a bit of a boost today as uncertainty about the eurozone continues to weigh on the 17-nation currency. Even though an agreement was reached in the situation with Greece, after the initial excitement faded, Forex traders started getting a look at the rest of the eurozone. There are still plenty of problems that need solving, and EU leaders are nowhere near solving them.
Also helping the US dollar are the comments made by Richard Fisher, the President of the Dallas Fed. Speaking in Europe, he cast doubt on the necessity and effectiveness of the current quantitative easing program from the Federal Reserve. With opposition growing to the basically unlimited QE, there is a chance that the greenback will recover and see some gains, since easing weakens currencies.
For now, the US dollar is moving higher against the euro, but is down against the UK pound, which is gaining on some solid economic news.
At 14:25 GMT EUR/USD is down to 1.2935 from the open at 1.2973. GBP/USD is up to 1.6042 from the open at 1.6027. USD/JPY is up to 82.1900 from the open at 82.0700.
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