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US Dollar Gains Ground as Stocks, Oil Fall

February 23, 2016 at 15:13 by Miranda Marquit

A sheet of new hundred-dollar billsIt looks to be another unsettling day in the markets, and the US dollar is benefitting from the uncertainty. Greenback is gaining against its high beta counterparts, but falling against the yen.

US dollar index is higher today as the greenback gains against its high beta counterparts, like the euro and the pound. Stocks are struggling today, and oil is lower. Even though OPEC is looking at a production freeze, prices are going down again, after rising following the news that Saudi Arabia and Russia had agreed to a cap.

For now, the US dollar is mostly higher as Forex traders consider what’s next. There has been some profit taking in recent days as the euro has fallen from favor. Additionally, there are expectations of some strength from the dollar as economic data prompts some to speculate that there could be another rate hike from the Federal Reserve in 2016, although it’s unlikely.

The only major currency making inroads against the greenback today is the yen.

At 15:08 GMT the US dollar index is higher, moving up to 97.546 from the open at 97.340. EUR/USD is lower, dropping down to 1.1015 from the open at 1.1025. GBP/USD is also losing ground, falling to 1.4096 from the open at 1.4147. USD/JPY is down to 112.1820 from the open at 112.8390.

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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