US dollar is ascendant today, thanks to almost every bit of news out there right now. Rumors of a Fed rate hike, the slide in oil, and the huge drop in US stocks yesterday are all contributing to a strong greenback today.
Yesterday was a big day in the financial world, and almost everything contributed to a stronger US dollar. The US dollar is rallying almost across the board as Forex traders and analysts speculate that a Federal Reserve rate hike could come in June — as long as the economic data in the United States continues to be positive, especially on the jobs front.
Other news also contributed to dollar strength. There was a slide in oil prices yesterday, and gold is lower today, supporting the greenback. On top of that US stocks saw a huge drop yesterday, with the Dow losing more than 300 points. All of this volatility and uncertainty, plus concerns about Europe, are conspiring to lift the dollar higher.
At 10:41 GMT the US dollar index is up to 99.3320 from the open at 98.5380. EUR/USD is lower, falling to 1.0566 from the open at 1.0698. GBP/USD is also lower, dropping from the open at 1.5052 to 1.5070. USD/JPY is higher, gaining to 121.6030 from the open at 121.1240.
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