Evergreen buck nurses losses after recent selloff on Trump policy blow

Evergreen buck nurses losses after recent selloff on Trump policy blow

On Wednesday, the evergreen buck was nursing losses near-multi-month minimums versus a currency basket in the wake of an abrupt selloff generated by concerns that Donald Trump is struggling to implement his policy agenda.

The US dollar index, used to tack the greenback’s actual strength versus a basket of key major currencies, soared 0.14% being worth 94.56.

On Tuesday, the index hit a minimum of 94.27, which is the lowest outcome since August 26, 2016. Moreover, it dropped more than 7% for 2017 to date.

The greenback sold off after Republican lawmakers dared to pull the plug on the fresh version of a contentious bill to substitute Obamacare, thus delivering a key policy blow to the Trump administration.

The inability to deliver on healthcare reform showed that Trump’s other legislative attempts, including overhauling the tax code as well as implementing fiscal stimulus could be troublesome.

The greenback stood still versus the Japanese yen, with USD/JPY sticking to 112.05, soaring from a Wednesday minimum of 111.67.

The common currency turned to be a dip lower, with EUR/USD slumping 0.19% being worth 1.1531, which is not far from Wednesday’s 14-month peak of 1.1582. It’s because traders were still cautious ahead of the approaching ECB meeting.

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