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Forex - Dollar Hovers at 3-Year Lows Vs. Other Majors

ForexJan 25, 2018 05:17AM ET
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© Reuters. Dollar remains under borad selling pressure on Mnuchin remarks

Investing.com - The U.S. dollar was hovering at three-year lows against other major currencies on Thursday, following comments by U.S. Treasury Secretary Steven Mnuchin amid concerns over President Donald Trump's message at the World Economic Forum in Davos

The greenback weakened broadly after White House officials on Tuesday said that President Trump was planning on using his speech in Davos on Friday to underline his "America First" policies.

Such policies include a potential withdrawal from the North American free-trade agreement and disavowing the global climate change accord.

The U.S. dollar was also hit after, in Davos on Tuesday, Treasury Secretary Mnuchin said on Wednesday that the weaker dollar was positive for American trade.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at a fresh three-year low of 88.85 by 05:15 a.m. ET (19:15 GMT).

EUR/USD was up 0.15% at a fresh three-yar peak of 1.2427 as investors were looking ahead to the outcome of the European Central Bank's policy meeting later in the day for possible insights into future shifts in monetary policy.

Earlier Thursday, data showed that German business confidence rose unexpectedly in January.

The pound was also stronger, with GBP/USD up 0.17% at a fresh 19-month high of 1.4264.

The yen and the Swiss franc were higher, with USD/JPY down 0.17% at 109.03 and with USD/CHF shedding 0.37% to 0.9418.

Elsewhere, the Australian and New Zealand dollars were also stronger, with AUD/USD up 0.25% at 0.8080 and with NZD/USD gaining 0.33% to 0.7361.

Meanwhile, USD/CAD slipped 0.22% to trade at 1.2315.

Forex - Dollar Hovers at 3-Year Lows Vs. Other Majors
 

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