Greenback is losing ground to enough currencies today that the US dollar index is heading lower.
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Canadian dollar was higher in earlier trading, but has now pulled back. Thanks to concerns about lower commodities and the fact that disappointing data out of China is weighing on sentiment and high beta currencies, the loonie is now losing ground in some cases, particularly against the greenback.
Once again, disappointing data is front and center. Economic recoveries around the world aren’t going as well as expected, and that is weighing on high beta currencies like the euro.
The euro is heading higher today, gaining against most of its major counterparts and surging against the US dollar. Even the disappointing news about the German ZEW isn’t stopping the euro today.
UK pound is struggling today on the currency market. Even though the pound is higher against some of its low beta counterparts, the gains are relatively small, and they have come only after earlier losses. Inflation data seems to be the main culprit.
The US dollar index is heading lower today, dropping as better news arrives from Europe. As the situations in the United Kingdom and in the eurozone improve, and as US data misses expectations, the greenback is struggling.
A president can suggest policy changes, and ask for things, but nearly everything that pertains to the economy and economic recovery, and laws about how much revenue the government take in are more about what Congress ends up doing. So the whole debate over the national debt and the deficit is doubly maddening.
Greenback is lower today, thanks to the latest economic news. Disappointments in the jobless claims report and in the latest retails sales data are weighing on the US dollar.