UK pound is gaining ground today, heading higher as the latest BOE economic outlook provides some hope for growth.
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Greenback is also finding support from some of its better than expected economic data — which also happens to indicate that it is in better shape than some other currencies.
Euro has managed to make up some lost ground, though, paring its earlier losses as risk appetite rises on better equity performances. However, with commodities lower, the euro isn’t likely to find too much support.
US dollar is mostly rangebound today, turning in a mixed performance as traders look for direction and speculation about what’s next for the Federal Reserve raises questions about what’s next.
Euro is struggling today, changing between gains and losses against the US dollar, and finding it difficult to gain solid traction against other major currencies.
With the Federal Reserve engaged in an asset purchase program designed to increase the money supply in an effort to stimulate the economy, many are starting to worry about inflation.
Canadian dollar is heading lower today, dropping along with other commodity currencies. With commodities plunging, it is little surprise that currencies like the loonie are losing ground today.