Performance of stock highlighted in blue
Markets

Dollar pushes lower vs. rivals, hits fresh multi-month trough

Investing.com -

Investing.com - The dollar pushed lower to a fresh eight-month trough against the other major currencies in quiet trade on Wednesday, as a delay in a highly-anticipated U.S. healthcare vote continued to weigh heavily on the greenback.

EUR/USD rose 0.32% to a one-year high of 1.1375

The greenback weakened broadly after U.S. Senate Republicans postponed a vote on the Trump administration's healthcare bill on Tuesday, as they faced resistance from party members.

Investors are concerned that the administration will not be able to implement tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed.

Meanwhile, the euro remained supported after European Central Bank President Mario Draghi said factors weighing on inflation in the euro area were mainly temporary, adding that the bank could look through them.

He also said the ECB's stimulus will be gradually withdrawn as the euro zone economy improves.

The comments fueled speculation that the central bank could soon unwind its quantitative easing program.

GBP/USD gained 0.23% to 1.2842.

Elsewhere, USD/JPY slipped 0.23% to 112.08, while USD/CHF edged down 0.11% to 0.9593.

The Australian dollar was stronger, with AUD/USD up 0.12% at 0.7592, while NZD/USD held steady at 0.7269.

Meanwhile, USD/CAD declined 0.88% to trade at 1.3083.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.32% at a fresh eight-month low of 95.873.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! https://i-invdn-com.akamaized.net/news/LYNXMPEB2U113_M.jpg © Reuters.

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.

Other Topics

ForEx