Stock Data Monitor
Markets

Dollar remains near 6-week lows vs. other majors

Investing.com -

Investing.com - The dollar continued to trade near six-week lows against the other majors currencies on Wednesday, as concerns over Donald Trump's policies continued to dampen demand for the greenback.

EUR/USD edged up 0.10% to 1.0742, not far from Tuesday's six-week peak of 1.0775.

The greenback weakened after U.S. President Donald Trump said on Twitter that he would seek a "major investigation" into alleged voter fraud, focusing on two states and illegal voters.

The call came despite Republican election officials in key states saying they have found no evidence of fraudulent voting.

On Tuesday, the National Association of Secretaries of State said it had confidence in the "systemic integrity of our election process" and was not aware of any evidence related to Trump's claims.

The dollar has been under pressure since Trump's inauguration last Friday amid concerns over a lack of clarity on his economic policies and fears that his protectionist trade stance could hit corporate profits and act as a drag on growth.

Elsewhere, GBP/USD gained 0.62% to 1.2601, the highest since December 14.

The pound found support as investors awaited the government's bill to trigger Article 50 and begin the formal process of exiting the European Union.

USD/JPY slipped 0.22% to 113.54, while USD/CHF edged down 0.14% to trade at 0.9994.

In Japan, data on Wednesday showed that exports rose for the first time in 15 months in December.

The Australian dollar remained weaker, with AUD/USD down 0.42% at 0.7551, while NZD/USD edged up 0.14% to 0.7257.

Earlier Wednesday, the Australian Bureau of Statistics reported that the consumer price index rose 0.5% in the fourth quarter of 2016, disappointing expectations for an increase of 0.7%.

Year-on-year, consumer prices gained 1.5% in the last quarter, less than the expected 1.6% rise.

Meanwhile, USD/CAD retreated 0.49% to trade at 1.3093, the lowest since January 18.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.23% at 100.04, just off a fresh six-week low of 99.81 hit earlier in the day.

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://ca33f332e2199349c49c-dc74b5af55c9b2a1bd8891aa9e8701fc.ssl.cf1.rackcdn.com/news/dollars_M_1440047682.jpg

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