Forex - Dollar struggles near 13-month lows euro steady

© Reuters. Dollar struggles near 13-month lows, euro steady

Investing.com - The U.S. dollar was nursing losses near 13-month lows against a basket of the other major currencies on Monday, pressured lower by ongoing concerns over political turmoil in Washington, while the euro was steady near two-year highs.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.80 by 03.18 a.m. ET (07.18 a.m. GMT) after touching 93.65, its lowest since June 22, 2016.

The dollar remained on the back foot after , underlining concerns over the upheaval in the Trump administration.

The dollar had already come under pressure following reports that the investigation into in last year’s election is extending into his business.

The political uncertainty also , such as overhauling the tax code and implementing fiscal stimulus.

Hopes for tax reforms and fiscal stimulus under the Trump administration helped drive the dollar to a 14-year high after the November election. The dollar has now given up all of its post-election gains.

Doubts over the plans for a third rate hike this year have also fed into dollar weakness.

The Fed is to hold its next meeting on Wednesday and is widely expected to hold policy steady. Officials may also give some insight into its plans to start normalizing its balance sheet.

The euro was steady against the dollar, with at 1.1656, after touching a 23-month high of 1.1684 earlier.

The euro was underpinned by expectations that the European Central Bank is moving closer to tapering its bond-buying program.

The dollar slid to five-week lows against the yen, with down 0.2% to 110.9.

Sterling inched higher against the greenback, with last at 1.3005.

The Australian dollar gained ground, with rising 0.37% to 0.7943, holding below the 26-month high of 0.7992 set on Friday.

Meanwhile, the New Zealand dollar slipped lower, with down 0.31% to 0.7433, off Friday’s 10-month highs of 0.7457.

Disclaimer:Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read Again Forex - Dollar struggles near 13-month lows, euro steady : http://ift.tt/2vAo6GP

Let's block ads! (Why?)