Greenback is losing ground to enough currencies today that the US dollar index is heading lower. Helping the dollar move lower are gold prices, which are heading higher right now. The prospect of a commodity rally is weighing on the greenback a bit, since it often moves inversely to metals and oil.
Gold prices have been making something of a comeback in recent days, and that is weighing on the dollar bit. Also weighing on the greenback is the fact that many now think that the Federal Reserve will have to scale back its taper timetable. Recent economic news has been somewhat disappointing, and that means that the easing that has been taking place with the dollar might not be ended as soon as expected.
For now, the US dollar is mostly lower against its European major counterparts, even though it is gaining against the yen right now. There is some measure of optimism returning to the markets in Europe, and that is helping the currencies with the greatest weight in the dollar index.
At 15:34 GMT US dollar index is down to 80.2100 from the open at 80.3150. EUR/USD is up to 1.3747 from the open at 1.3719. GBP/USD is up to 1.6706 from the open at 1.6553. USD/JPY is up to 102.6305 from the open at 102.3010.
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