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Forex - Dollar re-approaches 3-week lows in cautious trade

Published 04/20/2017, 03:29 AM
Updated 04/20/2017, 03:29 AM
© Reuters.  Forex - Dollar re-approaches 3-week lows in cautious trade

© Reuters. Forex - Dollar re-approaches 3-week lows in cautious trade

Investing.com - The dollar was lower against a basket of the other major currencies on Thursday as investors remained wary ahead of the first round voting in the French presidential elections at the weekend and amid continued tensions over North Korea.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.25% to 99.46, not far from the three-week trough of 99.36 set on Wednesday.

Geopolitical concerns remained to the forefront after U.S. Secretary of State Rex Tillerson said on Wednesday that Washington was looking at ways to pressure North Korea over its nuclear program.

North Korean state media warned the U.S. of a "super-mighty preemptive strike", saying don't "mess with us" as tensions between the two countries continued to rise.

The dollar was steady against the safe haven yen, with USD/JPY at 108.83, holding above Monday’s six-month lows of 108.12.

Earlier Thursday, data showed that Japan's exports rose in March at the fastest pace in over two years, boosting the outlook for the economy.

The euro pushed higher, with EUR/USD advancing 0.27% to 1.0739.

Centrist Emmanuel Macron was clinging to a narrow lead ahead of the first round of voting in France's presidential election on Sunday, in a four-way race that is too close to call.

Investors are fearful over the prospect of a second round run-off between far-left candidate Jean-Luc Melenchon and Marine Le Pen, leader of the far-right National Front party, who both want to put the country’s European Union membership to a vote.

Sterling was stronger, with GBP/USD adding 0.4% to trade at 1.2825 after hitting a six-month high of 1.2904 on Tuesday after British Prime Minister Theresa May called for early elections.

The pound was boosted by expectations that May will win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.

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