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Forex - U.S. Dollar Pares Back Gains, Still Near 16-Month High

Published 11/13/2018, 10:55 AM
Updated 11/13/2018, 10:55 AM
© Reuters. - The dollar was lower on Tuesday, but still remained near a 16-month high in anticipation of Federal Reserve rate hikes.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.29% to 97.10 as of 10:54 AM ET (15:54 GMT), but remained near Monday’s high of 97.52.

The greenback continued to push higher amid expectations that the Federal Reserve will raise rates in December and beyond, as the U.S. economy gains strength.

Meanwhile trade tensions eased, amid news that China’s trade negotiator could head to Washington ahead of a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Argentina later this month. White House economic adviser Larry Kudlow confirmed that the two countries were in talks on Tuesday, saying negotiations were "very positive," Reuters reported.

The dollar was flat against the Japanese yen, with USD/JPY at 113.83. The Canadian dollar was higher, with USD/CAD falling 0.02% to 1.3244.

Sterling increased, despite worry that the UK could leave the European Union without a deal. GBP/USD rallied 0.79% to 1.2951. Meanwhile, the euro edged higher, but was held back by a row between Brussels and Rome over Italy’s budget.

The European Commision rejected Italy’s 2019 budget because it breaches EU fiscal rules.

EUR/USD increased 0.48% to 1.1272.

Elsewhere, the NZD/USD rose 0.67% to 0.6755, while AUD/USD gained 0.49% to 0.7207.

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