US dollar index is moving higher today, recovering above the 94.00 level after yesterday’s drop to near the 92.60 level as the carnage in world markets weighed on a number of markets. Today, things are looking mostly up, and the greenback is higher, although gains are limited by speculation that the Fed won’t move to raise rates until the first quarter of 2016.
Speculation that the Federal Reserve will raise interest rates in September or December of this year is fading as the state of the global markets prompts many to revise their expectations to a rate hike in the first quarter of 2016. This reality is limiting the gains of the greenback today as it recovers from yesterday’s selloff.
US dollar index is gaining ground today, recovering to above the 94.00 level after sinking to near 92.60 during yesterday’s global stock market selloff. Today, European markets are heading higher, and most of Asia’s markets are in recovery mode as well. US stock futures are pointing to a higher open.
At 12:49 GMT US dollar index is up to 94.006 from the open at 93.497. EUR/USD is down to 1.1475 from the open at 1.1619. GBP/USD is a little higher at 1.5785 from the open at 1.5779. USD/JPY is up to 120.0320 from the open at 118.4100.
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