US Dollar Continues Its Slump

Greenback looks to be ready to close out this week lower, thanks to a raft of data and a bit of profit taking. Also weighing on the dollar is a sense of waiting. The Fed meets next week, and many Forex traders are waiting for the outcome of that meeting.

Right now, it looks as though the Federal Reserve might have to put off some of its plans for tightening. Concerns about the durable goods data is on the rise, and many are wondering what the quarter one GDP will show for 2015. US dollar is consolidating a little bit before the FOMC meets next week to talk issue policy guidance and talk about potential tightenting.

Even struggling commodities aren’t helping the US dollar. It’s been years since commodities and the dollar moved inversely to each other with the same regularity as in the past, and this week is no different. Even though commodities are struggling, the situation is lending no strength to the greenback.

Plus, euro is getting some help from better data and expectations that Greece will manage until at least June.

At 11:23 GMT US dollar index is down to 97.2380 from the open at 97.3890. EUR/USD is up to 1.0829 from the open at 1.0824. GBP/USD is up to 1.5113 from the open at 1.5057. USD/JPY is down to 119.5580 from th eopen at 119.5840.

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