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Dollar gets its groove back; pound and euro take a tumble

ForexFeb 17, 2017 12:38PM ET
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© Reuters. Dollar back in focus

Investing.com - The U.S. dollar reversed early morning losses against major currencies on Friday, and gained against both sterling and the euro amid renewed political tension in Europe and weaker-than-expected UK retail sales.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.41% at 100.87.

Despite lower optimism of a March rate hike, the dollar is on course to snap a two-day losing streak, benefiting from a slump in both the euro and sterling.

According to Investing.com's Fed Rate Monitor Tool less than 15% of traders expect the Fed to raise interest rates at its next meeting in March, compared to a 22% likelihood of a March rate hike a day earlier on Thursday.

Elsewhere, GBP/USD traded down almost 0.5% at $1.2428, after the Office for National Statistics (ONS) said retail sales decreased 0.3% in January, compared to expectation for a 0.9% rise.

GBP/EUR hit a 7-day low at 10am GMT, but pared losses in the U.S. session to trade at €1.1693.

EUR/USD slid 0.51% to $1.6021 as concerns that anti-EU-parties could succeed in upcoming European elections – a threat to the future of the EU.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.49% at 0.7658 and with NZD/USD shedding 0.39% to 0.7184.

Meanwhile, USD/CAD rose 0.31% to trade at 1.3110 while the yen spiked in trade amid political uncertainty in Europe and lack of movement in fiscal changes in the United States with USD/JPY down 0.4% at 112.85.

Dollar gets its groove back; pound and euro take a tumble

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