Greenback soars from 13-month minimums

Greenback soars from 13-month minimums

On Tuesday, the evergreen buck drifted away from a 13-month minimum versus a basket of currencies in an attempt to shrug off a recent selloff after positive American economic data because traders waited for this week's Federal Reserve gathering for further clues on the timing of the bank’s next policy tightening.

However, the greenback’s outlook was still clouded by concerns that ongoing political disorder would provide obstacles to Donald Trump's stimulus as well as tax reform agenda.

The US dollar index, evaluating the greenback's strength versus a basket of six key currencies, demonstrated 94.062, soaring from Monday's dip of 93.823, which was its lowest outcome since June 2016.

On Monday, Markit's surveys of American manufacturing as well as services turned to be above expectations, thus lifting American 10-year Treasury yields and backing the evergreen buck.

This week the major US bank is supposed to keep interest rates on hold.

Versus the Japanese yen, the greenback grew 0.2% hitting 111.28 yen, drifting away from Monday's minimum of 110.625 yen - the weakest reading level since mid-June.

 

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