Earlier, US dollar was higher against its major counterparts, gaining as Forex traders looked for safe haven as growth worries persisted. Now, though, the greenback is heading a little bit lower as a bit of optimism peeks through.
US dollar is pulling back a little bit today, after some earlier strength. Concerns about declining Asian markets and other indicators of slower global economic growth prompted gains for the greenback.
Now, though, some of those fears have receded. US dollar is no longer gaining against its counterparts, but instead moving a little bit lower. However, even with the reprieve for risk, there are concerns about what could happen next.
Forex traders may be slowing down on their need for a safe haven for now, but there are plenty of fears left. Nothing has been resolved in the eurozone, and China’s economy is still growing at a slower pace than many expected. This all points to a desire for a safe haven, and the likelihood that the current situation is just a temporary one.
At 11:13 GMT the US dollar index is down to 82.794 from the open at 82.824. EUR/USD is up to 1.2434 from the open at 1.2418. GBP/USD is up to 1.5378 from the open at 1.5362. USD/JPY is up to 78.1175 from the open at 78.0750.
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