Breaking News
0

Forex - Dollar Holds Onto Modest Gains Just Off 3-Year Trough

ForexJan 17, 2018 05:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Dollar remains moderately higher vs. other majors

Investing.com - The dollar held onto modest gains against other major currencies on Wednesday, just off a three-year low as the euro finally gave back some strength, although U.S. political concerns were expected to limit gains.

Market participants were focusing on the risk of a potential U.S. government shutdown on Saturday.

Fresh political tensions in Washington surfaced after comments by President Donald Trump on immigration dampened the prospects that a broad spending and immigration deal can be reached by the end of the week, raising the possibility of a government shutdown.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% at 90.34 by 05:15 a.m. ET (09:15 GMT), after hitting a fresh three-year trough of 89.98 overnight.

The euro was lower, with EUR/USD down 0.15% at 1.2241, off Monday's three-year peak of 1.2296, while GBP/USD held steady at 1.3799.

The dollar has been pressured lower by concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, led by the European Central Bank to begin unwinding loose monetary policy at a faster pace than expected.

Expectations that the ECB could soon start to scale back its monetary stimulus program received a boost on Monday after ECB Governing Council member Ardo Hansson said bond purchases could end in one step in September if the economy and inflation develop as expected.

Earlier Wednesday, revised data showed that euro zone inflation eased in line with expectations in December.

The yen and the Swiss franc were weaker, with USD/JPY up 0.25% at 110.74 and with USD/CHF gaining 0.32% to 0.9626.

Elsewhere, the Australian dollar was higher, with AUD/USD up 0.25% at 0.7981, while NZD/USD was little changed at 0.7272.

Meanwhile, USD/CAD edged up 0.09% to 1.2445, as traders were awaiting the Bank of Canada's interest rate decision due later in the day.

Forex - Dollar Holds Onto Modest Gains Just Off 3-Year Trough
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email