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Forex- Dollar Struggles Near Three-Year Low

ForexJan 25, 2018 11:50AM ET
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© Reuters. U.S. dollar was at a three-year low on Thursday.

Investing.com - The U.S. dollar continued to hold at three-year lows against other major currencies on Thursday, 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.

On Wednesday Treasury Secretary Mnuchin at Davos 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 0.55% at a fresh three-year low of 88.53 by 11:47 AM ET (16:47 GMT).

Elsewhere EUR/USD was up 0.63% at a fresh three-year peak of 1.2489 after European Central Bank left its benchmark interest rate unchanged at 0.0% and confirmed that it will continue to purchase €30 billion ($37.2 billion) each month until “the end of September 2018, or beyond, if necessary.”

The pound was unchanged, with GBP/USD at a 19-month high of 1.4266.

The yen and the Swiss franc were higher, with USD/JPY down 0.46% at 108.72 and with USD/CHF shedding 1.05% to 0.9353.

Elsewhere, the Australian and New Zealand dollars were also stronger, with AUD/USD up 0.32% at 0.8086 and with NZD/USD gaining 0.45% to 0.7370.

Forex- Dollar Struggles Near Three-Year Low
 

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