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US Dollar Consolidates Ahead of Data Dump

March 28, 2014 at 13:10 by Miranda Marquit

Mix of US dollar billsUS dollar is consolidating right now, and is a little lower against some of its counterparts, even as the dollar index remains slightly higher. Rangebound trading is in effect right now, thanks in large part to the fact that Forex traders are waiting for a rash of data from the United States.

Today’s US trading session should bring with it a data dump, and many Forex traders are waiting to see what the latest numbers reveal about housing and energy. They are also waiting on an expected speech from ECB President Mario Draghi. Ahead of these events, things are relatively quiet.

US dollar is consolidating a bit, heading a little lower against some of its counterparts, but the dollar index is maintaining a slight gain. With so much coming up, and a bit of uncertainty as well, it’s not surprising to see that most currency pairs are rangebound.

At 13:07 GMT the US dollar index is a little bit higher, up to 80.1890 from the open at 80.1400. EUR/USD has moved higher after an earlier drop, gaining to 1.3760 from the open at 1.3740. GBP/USD has recovered from a drop below the 1.6600 level, rising to 1.6638 from the open at 1.6611. USD/JPY is higher today, rising to 102.3990 from the open at 102.1835.

 

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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