US dollar index is heading higher today, gaining ground as commodities fall. While the US dollar is mixed in trading with individual currencies, the dollar index, which measures the greenback’s performance against a basket of currencies, is heading higher.
The US dollar is trading mixed today, heading lower against the euro, but gaining against the pound and the yen of its major counterparts. As expected, the US dollar is also surging against the Canadian dollar today.
In addition to seeing some gains against its individual counterparts, the US dollar is seeing some gains against a basket of currencies. The dollar index is moving higher today, following the recent OPEC announcement, and as commodities fall.
Recently, OPEC decided that it wouldn’t cut its production, and that has oil prices falling quite rapidly. Additionally, gold prices are falling as well. Gold is back below $1,200 an ounce, and oil is below $70 a barrel.
For now, it appears that the US dollar will retain its strength for quite some time.
At 13:27 GMT the US dollar index is up to 87.9980 from the previous close at 87.6070. EUR/USD is up to 1.2484 from the open at 1.2467. GBP/USD is down to 1.5699 from the open at 1.5742. USD/JPY is up to 118.2760 from the open at 117.7180. USD/CAD is up to 1.1396 from the open at 1.1333.
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