U.S. Dollar Consolidates on British, European News

Spread bets and CFDs on the spot forex market should consider that the U.S. dollar is consolidating its position. It is doing well against both the sterling and the euro today in forex trading.

Indeed, the U.S. dollar is consolidating ahead of economic data in the U.S. as stocks on Wall Street prepare for a flat open. Additionally, news out of Britain and Europe is aiding the U.S. dollar:

• In Europe, the German ZEW did not rise as much as expected, and that is causing questions about economic recovery in the euro zone.
  
• In Britain, a report about banks has combined with BOE comments about commercial banking deposits to send the sterling lower in forex trading.

• While these developments may not be enough to completely end dollar weakness, they are providing an excuse for the the greenback to do a little rallying on the spot forex market.