Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

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.

Investing.com - 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.