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Posts tagged: Greenback

Greenback Looks for Direction

By , March 6, 2014 8:53 am

A sheet of US 100-dollar bills up to the horizonGreenback is mixed today, looking for direction as signals indicate that dollar strength could be a fixture in coming months even while the dollar index dips due to the euro’s huge surge today. It’s an interesting way forward, and some think that the euro is overbought at this point.

For now, the US dollar is mixed against its major counterparts. The big move today, though, is a surge by EUR/USD. The euro is heading much higher after the ECB decided not to cut rates, and Mario Draghi kept his rhetoric much the same, talking about some of the eurozone’s recent growth, but also acknowledging the economic risks ahead.

The fact that the euro is most heavily weighted in the dollar index accounts for the fact that it is down on the day, even though the greenback is higher against the yen and the pound. Some analysts feel that the euro is overbought, however. The US economy still has potential for better growth than the eurozone economy, and these fundamentals are expected to provide some measure of support for the greenback in the months to come.

At 14:37 GMT the dollar index is down to 79.8750 from the open at 80.1040. EUR/USD is up to 1.3835 from the open at 1.3730. GBP/USD is down to 1.6702 from the open at 1.6716. USD/JPY is up to 103.0945 from the open at 102.3015.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Greenback Gets Boost from Ukraine Crisis

By , March 3, 2014 10:08 am

Mix of US dollar billsRisk aversion is running high right now, thanks in large part to concerns about what’s happening in Ukraine. Protests in Ukraine have led to the ouster of its president, and now Russian troops are moving in for ”war games.” With concern that the region could explode, some Forex traders and investors are playing it safe.

US dollar is gaining against its high beta counterparts right now, thanks in large part to concerns that the situation in Ukraine could become explosive. Already, protests in the area have resulted in the ouster of the pro-Russian president, and now Russia appears to be moving in — at least in some areas that are heavily pro-Russia. It’s setting up to become Russia against the West, and concerns that the region could be destabilized are contributing to risk aversion.

So far, the greenback isn’t making huge gains, and it has slipped a bit against the euro, but it is finding support. Additionally, with safe haven demand growing, there is speculation that gold and the greenback might move in tandem, rather than inversely to each other.

At 14:29 GMT the US dollar index is at 79.8580 from the previous close at 79.6910. EUR/USD is a little higher at 1.3771 from the open at 1.3760. GBP/USD is down to 1.6740 from the open at 1.6742.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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US Dollar Index Lower as Greenback Loses Ground

By , February 21, 2014 10:42 am

A heap of hundred dollars US billsGreenback is losing ground to enough currencies today that the US dollar index is heading lower. Helping the dollar move lower are gold prices, which are heading higher right now. The prospect of a commodity rally is weighing on the greenback a bit, since it often moves inversely to metals and oil.

Gold prices have been making something of a comeback in recent days, and that is weighing on the dollar bit. Also weighing on the greenback is the fact that many now think that the Federal Reserve will have to scale back its taper timetable. Recent economic news has been somewhat disappointing, and that means that the easing that has been taking place with the dollar might not be ended as soon as expected.

For now, the US dollar is mostly lower against its European major counterparts, even though it is gaining against the yen right now. There is some measure of optimism returning to the markets in Europe, and that is helping the currencies with the greatest weight in the dollar index.

At 15:34 GMT US dollar index is down to 80.2100 from the open at 80.3150. EUR/USD is up to 1.3747 from the open at 1.3719. GBP/USD is up to 1.6706 from the open at 1.6553. USD/JPY is up to 102.6305 from the open at 102.3010.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Greenback Strengthens on Fed Expectations

By , January 29, 2014 10:17 am

Packs of US 100-dollar billsThe US dollar is strengthening today, thanks in large part to expectations that the Federal Reserve will continue to taper its asset purchase program. With the US economy mostly on the upswing, and unemployment at a more reasonable level, many think that the Fed will continue to cut its quantitative easing efforts.

Today is the second day of a two-day meeting of the Federal Open Market Committee. It’s the last meeting being held under the leadership of Ben Bernanke, and there are high expectations for the decision that will be announced.

Many expect that the Fed will announce that it is moving forward with the taper, reducing its asset purchases. With unemployment at a manageable level, and with the US economy improving, the need for quantitative easing has been reduced by quite a bit, and there are expectations that the dollar will strengthen as the Fed continues to work with the taper.

Indeed, the US dollar is higher against major counterparts today, even though the dollar index itself is lower.

At 14:48 GMT the US dollar index is down to 80.4640 from the open at 80.6350. EUR/USD is down to 1.3617 from the open at 1.3670. GBP/USD is down to 1.6536 from the open at 1.6582. USD/JPY is down to 102.4000 from the open at 102.8655.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Greenback Mixed Against Other Majors

By , January 13, 2014 10:37 am

The all-seeing eye on top of pyramid on one-dollar billUS dollar is mixed today, thanks in large part to confused signals about what’s next for the currency. The latest jobs data was soft, and that has some rethinking the idea that the Federal Reserve will boost its tapering efforts. The Fed might have started the taper, but it’s not likely to step back stimulus further if data remains soft.

Even though the US dollar is down against the Japanese yen on the latest jobs data, it is still gaining against its European counterparts. Greenback received a bit of a shock when December’s non-farms payrolls data came in at a rise of 74,000, instead of the expected 196,000. However, that shock isn’t enough to keep the dollar down against the euro and the pound.

European currencies are experiencing their own difficulties. The pound is dropping on its own economic problems, and the eurozone continues to face a number of economic hurdles. As a result, the dollar is still in the best position of those currencies, and gaining. Against the yen, though, the dollar is dropping as risk aversion sets in.

At 15:37 GMT EUR/USD is down to 1.3647 from the open at 1.3678. GBP/USD is down to 1.6371 from the open at 1.6487. USD/JPY is down to 103.3065 from the open at 103.9900.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Greenback Gets Boost After Inflation Data

By , December 17, 2013 10:59 am

Focus on hundred dollarsUS dollar is slightly higher today, following the latest inflation data. Also helping the greenback is a bit of risk aversion that seems to have returned ahead of what some expect will be a ”Santa Claus rally” next week.

Greenback is a little higher today as the Federal Reserve begins its last two-day meeting of 2013 — and Ben Bernanke‘s last meeting as the Chair. Next year, Janet Yellen is expected to head up the Fed.

US dollar is getting a little help from inflation data, which indicates that the annual rate bumped up 1.2 per cent. The increase didn’t quite meet the expectations for 1.3 per cent, but it was still better than the 1.0 per cent seen in October.

This news underscores expectations that a taper is on the way for the Fed’s asset purchase program. While the dollar isn’t surging higher against its counterparts, it is showing modest gains. Greenback is helped along by lower stocks, which are contributing to a feeling of risk aversion, and lower gold prices.

At 15:59 GMT the US dollar index is up to 80.2120 from the open at 80.1140. EUR/USD is down to 1.3728 from the open at 1.3763. GBP/USD is also lower, falling to 1.6240 from the open at 1.6305. USD/JPY is down to 102.7280 from the open at 103.0135.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Aussie Falls vs. Greenback as Business Confidence Deteriorates

By , November 12, 2013 4:45 am

General Sir John Monash on Australian 100-dollar billThe Australian dollar fell against its US peer today, dropping for the fourth straight trading session, as business confidence deteriorated last month. The currency rose versus the Japanese yen.

The NAB Business Confidence fell from 12 in September to 5 in October. The report said:

Businesses may have reassessed their expectations about future activity in the changed political environment given the continued weakness in actual business conditions. Nonetheless, overall confidence remains relatively higher than the well below-average levels over the previous three years.

AUD/USD fell from 0.9357 to 0.9322 as of 9:44 GMT today, while AUD/JPY went up from 92.77 to 92.91.

If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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Delayed Taper Expectations Send Greenback Lower

By , October 24, 2013 9:01 am

US dollar is lower today on expectations that the Federal Reserve won’t begin tapering its asset purchase program until next year. With US jobs growth slowing, and analysts still trying to determine the economic impact of the recent government shutdown, it just doesn’t make sense for the Fed to reduce stimulus right now.

Earlier this week, the payrolls report for September was released (delayed by the government shutdown). The data indicates that hiring has slowed, although there was still an increase in employment. Earlier today, the latest unemployment claims numbers were released for the week ending October 19, and those, too, showed lackluster improvement in the jobs market.

Analysts are also busy trying to determine the economic impact of the government shutdown, and looking ahead to what is sure to be another debt ceiling crisis a few months from now. With all of this uncertainty, it is little surprise that the US dollar is lower today, and little surprise that there is speculation that the Federal Reserve will hold off on tapering its bond purchase program.

For now, it appears dollar weakness is likely to stay.

At 14:09 GMT EUR/USD is up to 1.3795 from the open at 1.3776. GBP/USD has pulled back a bit to 1.6160 from the open at 1.6164. USD/JPY is down to 97.3695 from the open at 97.3775.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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Euro Hits 1.3700 Level Against Greenback Before Falling Back

By , October 18, 2013 2:16 pm

One euro coin and a chartEuro is higher today, reaching levels not seen since early in the year. Euro actually broke through the 1.3700 level against the US dollar to reach a session high of 1.3705. Since then the euro has eased back a bit, but it is still showing strength as the US dollar shows weakness.

Much of the euro’s strength in recent weeks has come as a result of a growing economy and hopes that the eurozone debt crisis really is over. The last few days, though, all of the focus has been on the United States and the declining situation with the US dollar.

Thanks to the budget battle and the debt ceiling issues, many are worried that the United States will not be able to maintain its economic status. Indeed, a lot of trust in the dollar was lost because of the brinkmanship practiced by political factions.

As a result, the euro is surging. There are concerns about the euro’s strength, though. It’s possible that a strong euro now will hinder economic growth — especially if the euro is oversold. Slower growth could mean a weaker euro later if the ECB has to step in later to boost the economy.

At 20:24 GMT EUR/USD is up to 1.3685 from the open at 1.3676. EUR/GBP is up to 0.8465 from the open at 0.8460. EUR/JPY is down to 133.8600 from the open at 133.9350.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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Budget Impasse Continues to Weigh on Greenback

By , October 8, 2013 9:21 am

A sheet of new hundred-dollar billsThe current budge impasse continues to weigh on the greenback today, sending the currency lower against the euro and the pound. US dollar has managed to log gains against the Japanese yen, but the dollar index is lower today anyway.

Disagreements over how to end the government shutdown are the focus for the US dollar right now, and that is weighing on the greenback’s performance. After shutting down the government over the Patient Protection and Affordable Care Act (sometimes called “Obamacare“), Republicans are continuing to toe a hard line against Democrats in Congress.

The news is leading to a lower dollar, and the latest news that some in the Federal Reserve wanted to start the taper after the last meeting isn’t helping. The fact that the bond purchase program remains in place says a great deal about what Ben Bernanke and some of the other policymakers think about the chances for the US economy with this political impasse.

At 14:59 GMT the US dollar index is lower, dropping to 79.8650 from the open at 79.9120, and down from the previous close at 79.9410. EUR/USD is up to 1.3596 from the open at 1.3580. GBP/USD is up to 1.6105 from the open at 1.6097. USD/JPY has gained the upper hand, moving up to 96.9375 from the open at 96.7095.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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