Dollar struggles, as euro retraces post-ECB dip
Wednesday, 15 November 2017 04:53 WIB | CURRENCIES |DOLLAR EuroDolar AS

The U.S. dollar spent Tuesday solidly in negative territory, as one of its main rivals, the euro, rallied back to the level it was at before the European Central Bank's dovish tapering action sent it lower three weeks ago.

The shared currency was helped by strong economic data out of Germany, the E.U.'s largest economy.

The euro rose to $1.1795 against the dollar”a three-week high”popping up from $1.1669 late Monday in New York. The shared currency hadn™t traded above $1.17 since Oct. 26 and even briefly rose above the $1.18 level in Tuesday™s session, according to FactSet data.

The ICE U.S. Dollar Index stuck to its downward trend and was off 0.7% at 93.834, facing its fourth loss in five sessions. The broader WSJ Dollar Index shed 0.4% to 87.38.

The pound also moved higher to $1.3164, up from $1.3115 late Monday. Sterling found its two-day high after trading erratically earlier in the session, as consumer price inflation hit a five-year high of 3%, just shy of the FactSet consensus estimate of 3.1%. Sterling still faces political risks as Prime Minister Theresa May™s government continues to be plagued by scandals.

Against the Japanese yen the dollar bought ¥113.44, down versus ¥113.62 late Monday.

The greenback also slipped against Swiss franc on Tuesday, buying 0.9895 francs versus 0.9964 francs late Monday.

Source: Marketwatch

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