US dollar is heading higher today, getting some help from the uncertainty that is returning to the markets. The weakness from the quantitative easing announcement is fading a bit as Forex traders look for a little certainty in the current environment.
Greenback is gaining right now, thanks to the latest news out of China, as well as renewed concerns about what is happening in the eurozone. In China, housing prices aren’t growing at the same rate they were before. The slowing in the pace of gains has many worried about the Chinese economy — and that means there are concerns about the global economy.
On top of that, Spain is still balking at asking for aid, and that has many worried about the eurozone. It isn’t helping that Portugal is still an issue, and that Greece could become a focal point at any time again. With all this uncertainty, the US dollar is being sought. It is still backed by the most stable taxpayer base in the world, despite the recent devaluing through QE3. It is little surprise that the greenback is gaining the upper hand for now.
At 14:09 GMT EUR/USD is down to 1.3058 from the open at 1.3116. GBP/USD is down to 1.6237 from the open at 1.6250. USD/JPY is down to 78.6200 from the open at 1.6250.
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