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

Investing.com -

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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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