U.S. dollar pulls back in currency trading
The pound and the euro are both higher in forex trading on the currency market today. While the U.S. dollar made some moves to head higher in currency trading, things have changed, with the greenback now pulling back.
Global equities are rallying, and that is providing a bit of risk appetite. Additionally, it appears as though economic data is showing signs of recovery in Europe. GFT’s Boris Schlossberg reports in FX360 on the positive news coming out of the euro zone and Britain:
In Germany the GFK consumer confidence survey jumped to 3.5% from 3.0% eyed – its best reading in more than a year. The news suggests that conditions on the ground in Eurozone’s largest economy are beginning to stabilize, although a true test of that thesis will happen on Thursday after the market sees German unemployment data for June. Meanwhile stabilization was also the theme in UK where the Hometrack survey showed that prices were no longer declining with house prices holding their value for the third month in a row.
While things could change quickly in this volatile market, it does appear as though it could be a turning point fr the global economy.
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