US Dollar Mostly Higher After Wild Morning

US dollar is mostly higher after a wild morning in Forex trading. While greenback spiked against the yen earlier, the dollar is now down against its Japanese counterpart. However, the US dollar is higher against European currencies and against the Canadian dollar.

The US dollar index is higher today, gaining ground after a wild morning. The news that Japan had fallen into recession led to some swings in currency trading, with the greenback spiking against the yen before falling back. However, even though the dollar is lower against the yen, it still maintains strength against European currencies. The weakness seen in the eurozone continues to keep the euro down, and the dollar is also higher against the UK pound.

Dollar is getting help as well from lower commodities. While gold prices are inching a bit higher today, they are weak overall, and oil prices continue to drop. Even the deal between Russia and China, made last week, isn’t enough to de-throne the US dollar.

At 11:46 GMT the US dollar index is moving higher, gaining to 87.7070 from the open at 87.5830. EUR/USD is heading lower, dropping to 1.2503 from the open at 1.2533. GBP/USD is down to 1.5648 from the open at 1.5683. USD/JPY is down to 116.2710 from the open at 116.4450.

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