🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

Forex - Dollar Slips Against Currency Basket after Rebound

Published 12/09/2017, 08:38
Updated 12/09/2017, 09:03
© Reuters.  Dollar Slips Against Currency Basket after Rebound
EUR/USD
-
GBP/USD
-
USD/JPY
-
EUR/GBP
-
USD/CNY
-
DX
-

Investing.com - The dollar slipped lower against a basket of the other major currencies on Tuesday, following a strong rebound on Monday as tensions over North Korea waned and concerns over the impact of Hurricane Irma eased.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.17% to 91.81 by 03:37 AM ET (07:37 GMT).

The index rebounded 0.65% on Monday after slumping to a more than two-year low of 90.99 on Friday.

The dollar was slightly higher against the traditional safe haven yen, with USD/JPY rising 0.11% to 109.51 after climbing 1.06% on Monday.

Market sentiment continued to be underpinned by relief that North Korea did not conduct another nuclear test or weapons test over the weekend as some had feared.

Investors were also relieved as it appeared that insured property losses from Hurricane Irma were expected to be smaller than initially anticipated.

The euro pushed higher against the dollar, with EUR/USD rising 0.21% to 1.1976, pulling away from Monday’s low of 1.1947.

Sterling was also higher against the dollar, with GBP/USD rising 0.3% to 1.3204 amid speculation that the Bank of England could strike a more hawkish tone on interest rates at its upcoming policy meeting on Thursday.

The pound was a touch higher against the euro, with EUR/GBP slipping 0.13% to 0.9069.

Elsewhere, the dollar was steady against the Chinese yuan, which was holding below Friday’s 21-month highs.

The yuan weakened on Monday following reports that China’s central bank is set to scrap measures it had put in place to support the currency in response to a recent surge in the currency.

The yuan has risen around 6.8% so far this year, more than making up the almost 6.6% decline posted in 2016.

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.