The US dollar is showing weakness today, heading lower against other majors. Concerns about the US economy are weighing on the greenback, even as some of the fears about the eurozone are allayed.
Concerns about upcoming data are weighing on the US dollar today. There are worries about consumer confidence and home prices data will reveal about the economy. While there has been some noise that recent lackluster data is due to the unexpected harsh winter conditions across much of the United States, there are some who aren’t so sure that all the data misses can be explained by the weather.
Some are also considering that the Federal Reserve hasn’t sped up the taper, and that $10 billion a month in reductions isn’t that much in the grand scheme of things. Add to this the contrast with the recovery that seems to be happening in Germany (which some think will be good for the euro), and it’s clear why the US dollar is struggling today.
At 14:22 GMT the US dollar index is down today, dropping to 80.0800 from the open at 80.2330. EUR/USD is higher, rising to 1.3753 from the open at 1.3733. GBP/USD is up to 1.6715 from the open at 1.6656. USD/JPY is heading lower, dropping to 102.3500 from the open at 102.4530.
If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.