Greenback stabilizes, still in sight of 2-month minimums

Greenback stabilizes, still in sight of 2-month minimums

On Tuesday, the evergreen buck declined versus a basket of the other key currencies, although remained in sight of two-month minimums because market participants were still cautious ahead of a probable Senate vote on an American tax plan later in the week.

The U.S. dollar index, tracking the US currency’s value versus a trade-weighted basket of six crucial currencies, hit 92.86, having tumbled to 92.43 on Monday, which is the lowest outcome since September 26.

Worries as for probable delays in the implementation of a key tax overhaul along with tax cuts have suppressed the evergreen buck in recent weeks.

The US currency was nearly intact versus the common currency, with EUR/USD hitting 1.1905, trading below the two-month maximum of 1.1960 reached on Monday.

Demand for the common currency was still backed after data the previous week pointed to firm surge in the euro zone – it helped to overcome traders’ worries over political uncertainty in Germany.

 

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