Greenback heads higher in forex trading
Earlier today, the U.S. dollar was weakening against major currencies as positive news out of Ireland supported the euro in forex trading, and helped commodities. However, things are changing with the latest out of China.
The announcement that China is requiring increased reserves for its banks has taken its toll on risk appetite, and is providing some strength to the U.S. dollar as forex traders flee riskier currencies.
Currencies like the pound and the Aussie are lower, and the euro is paring some of its earlier gains. With China set on keeping its economic growth reined in, the U.S. dollar is in demand.
