US dollar is struggling today, with the dollar index down as Forex traders wonder if the Federal Reserve will dial back its plans for interest rate hikes. With the global economy showing volatility, and concerns about what’s next weighing, there is some speculation that the Fed will be reluctant to keep raising rates.
US dollar index is lower today as the greenback falls against almost all of its major counterparts. Concerns about what’s next for China, and a forecast that indicates slowing job growth in the United States to be announced later this week, are weighing on expectations for the future of interest rates.
The Federal Reserve raised rates slightly in December, and the pacing of future rate hikes has been a matter of speculation. However, with everything so unsettled, many are concerned that the Fed won’t hike rates as quickly as thought, and that means that the dollar could be a little weaker as the Fed hopes to keep from squashing the economic growth under way.
At 15:04 GMT the US dollar index is down to 99.124 from the open at 99.604. EUR/USD is up to 1.0907 from the open at 1.0833. GBP/USD is also higher, gaining to 1.4344 from the open at 1.4254. USD/JPY is lower, dropping to 120.7940 from the open at 121.2350.
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