Greenback is weighed by Xi-Trump summit nerves

Greenback is weighed by Xi-Trump summit nerves

On Thursday, the evergreen buck tumbled against a basket of crucial currencies, suppressed by worries over the impending US-China summit as well as geopolitical concerns.

The dollar index vs. a basket of six key currencies decreased 0.1%, hitting 100.480.

It had soared to a three-week peak of 100.850 overnight on a positive ADP report on American private sector employment.

However, the major American currency dipped from the three-week peak notwithstanding hawkish-sounding minutes from the latest Fed gathering, which showed that most policymakers think the Fed needs to start trimming its $4.5 trillion balance sheet later in 2017.

Wall Street stocks reversed an earlier surge and declined on Wednesday, with market sentiment soured as the Fed's minutes revealed that some policymakers considered equity prices to be high enough relative to standard valuation measures.

The US dollar slid 0.2%, being worth 110.500 yen, having tumbled from a peak of 111.450 reached overnight.

 

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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.

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The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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