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US Dollar Pares Some of Its Earlier Gains

February 5, 2013 at 13:27 by Miranda Marquit

Focus on hundred dollarsUS dollar is paring some of its earlier gains as risk appetite begins to make an appearance today. After some political uncertainty in Europe weighed on the euro, the 17-nation currency is now making progress against the US dollar, and the greenback’s performance against other majors is mixed.

Concerns about the political situation in Europe weighed on the euro a little bit yesterday, as well as earlier today. US dollar got a boost on the risk aversion. Now, though, risk appetite is creeping back, with US stock futures pointing to a higher open, and demand for high beta currencies improving a little bit.

US dollar is largely mixed against other majors, though. Forex traders are still looking for direction, and the situation in the eurozone is far from resolved. However, there are still problems in the United States as well. Concerns about the political situation still underlie the economic situation, and the economic recovery continues to move a rather slow pace. Even so, the US dollar index is a little bit higher today, indicating some measure of strength.

At 13:24 GMT the US dollar index is up to 79.640 from the open at 79.621, but off the day’s high of 79.785. EUR/USD is up to 1.3539 from the open at 1.3515. GBP/USD is down to 1.5739 from the open at 1.5760. USD/JPY is up to 93.3700 from the open at 92.3790.

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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