U.S. Dollar Heading Higher in Forex Trading
Greenback in currency trading
The U.S. dollar is heading higher in forex trading on the currency market today. With the risk trade falling out of favor on this week’s unemployment data, it is little surprise that the greenback is getting some support in currency trading.
However, the support isn’t terribly strong right now. The euro remains above $1.50 in forex trading, and the pound is down more on its own weakness. U.K. retail sales data sent the pound back down to 1.6500, with consumer spending low in Britain. And comments from BOE member Paul Tucker didn’t help much either.
The greenback is also getting a little help in currency trading on the FX market from the fact that gold prices are lower today. The U.S. dollar often moves inversely to gold, and the fact that gold is lower is good news for the greenback.
See Also
- U.S. Dollar in Forex Trading
Currency trading on the FX market