The greenback is looking to hedge higher today after several beating from yesterday’s session. It even halted the almost eight-months high it managed to gain from the past weeks against the yen. Fortunately, today’s scene is different and the dollar index tallied great performance and increases on earlier trading sessions.
On a separate report, the current state of the greenback can launch a massive resurgence as it nears a four-month high. Analysts are pointing that Janet Yellen and Randal Quarles play a significant role in the current upbringing of the previously volatile dollar.
Dollar Index Price
The U.S. dollar index, which measures the strength and performance of the dollar against six major currencies, was up by a whopping 0.4% at 95.11 in the earlier trading hours. This has been upbeat news since the dollar shed great amounts last session settling at 94.73 from the 94.92 from last week’s market.
While Yellen and Quarles's expected speech are buoying the dollar performance today, the overall economic growth and economic data were also the ones that helped the dollar climb back today after the tedious Tuesday it had.
On a note by the prominent banking and financial service provider ING’s currency strategist Chris Turner, “The trade-weighted dollar is stabilizing following the rally of the previous two months. Unless there is more meaningful news on US tax reform this week, this trend of stability should continue, defined by limited upside to US Treasury yields,”
As for the other currencies around the world, today seemed to be
On the other hand, the British pound is also down by the same amount by 0.4% today against the greenback. The pound was dragged by lackluster UK retail sales reports from September. The Russian rubble strides past the two currencies as it reported positive figures; increase by 0.4% as Brent crude prices crumble today.
The Indian rupee also tallied loss today, decreasing by 0.6% at 65.005 per dollar. The Japanese yen was also weaker today; the yen dropper a total of 0.3% today at 114.09 per dollar.
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