The US dollar index is pulling back today, following its latest attempt at the 100 level. The dollar index is running into resistance, and falling a little bit today.
Greenback is down against many of its major counterparts today, following gains yesterday. The US dollar index made another attempt at the 100 level, only to meet resistance and be forced back down.
US dollar is also a little lower on profit taking. Many traders are consolidating after a surprise move by Singapore’s central bank not to ease its policy any further right now. Emerging market currencies are gaining some ground, and traders are hoping to take some profits before setting up for the next move.
Concerns about the rest of the world are likely to provide the dollar with another boost, although the greenback might be subdued until the earnings season for the first quarter is over, and we might see something different after the retail sales data.
At 11:13 GMT the US dollar index has managed to eke out a tiny gain, inching up to 99.4800 from the open at 99.4790. EUR/USD has lost a little bit of ground, moving down to 1.0566 from the open at 1.0567. GBP/USD is down to 1.4643 from the open at 1.4675. USD/JPY is lower, falling to 119.6960 from the open at 120.1150.
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