US Dollar Settles Down

US dollar is settling down a little bit after yesterday’s surge. Right now, it’s a bit about profit taking as Forex traders gear up for the next round of economic data, and contemplate the future of the eurozone.

Greenback is trading mixed today, but it is mostly lower against its major counterparts. The US dollar is settling down today, after a rally yesterday following the GOP sweep in yesterday’s mid-term elections. Euro has gained some ground, but isn’t surging, as Forex traders wait for news of the latest ECB meeting.

Today isn’t likely to be a big mover anyway. For the most part, the Forex market is waiting for tomorrow’s nonfarm payrolls report out of the United States. The news about last month’s employment situation will be a big deal, since it will provide some clues about when the Federal Reserve will begin hiking interest rates. If the employment situation improves, and the economy is expected to improve with it, there is a chance that the Fed will increase rates sooner rather than later.

At 11:46 GMT US dollar index is down to 87.2550 from the open at 87.4530. EUR/USD is up to 1.2526 from the open at 1.2483. GBP/USD is down to 1.5948 from the open at 1.5977. USD/JPY is down to 114.5820 from the open at 114.7570.

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