The dollar is sliding

The
dollar is sliding.

The US dollar index is down by 0.3% at 94.65 as of 7:31 a.m. ET.

On Wednesday, the Fed released its latest Beige Book. It noted that the economy is still expanding at a modest pace, inflation is “slight,” and labour markets in most districts remained tight.

Separately, initial jobless claims will be out at 8:30 a.m. ET.

As for the rest of the world, here’s the scoreboard as of 7:34 a.m. ET.

  • The euro is up 0.5% at 1.1290 against the dollar ahead of the European Central Bank’s meeting. Expectations are for the central bank to hold its key interest rate at -0.40% and possibly signal an extension of its quantitative easing program beyond the currently scheduled end in March 2017.
  • The British pound is little changed at 1.3357 against the dollar. Separately, it looks like the UK will take its time with Brexit. “We will not take decisions until we are ready, we will not reveal our hand prematurely and we will not provide a running commentary on every twist and turn of the negotiation,” prime minister Theresa May told parliament.
  • The Japanese yen is stronger by 0.2% at 101.57 per dollar.
  • The Russian ruble is up by 0.4% at 63.8635 per dollar.

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