Forex – Dollar Ticks Higher, Euro Slips

Forex - Dollar Ticks Higher, Euro Slips

Investing.com – The U.S. dollar ticked higher against a currency basket on Tuesday, as market sentiment remained subdued amid persistent uncertainties over trade and the outlook for global economic growth.

By 03:31 ET (07:31 GMT) the dollar index, which tracks the greenback against a basket of six major rivals, was 0.2% higher at 97.672, trading about 0.6% off a two-year high of 98.371 hit on Thursday. The index is still up 1.7% for the year.

Many of the currency pairs remained in recent ranges, with trade volumes still thin after market holidays in the U.S. and the U.K. on Monday.

Trade concerns remained to the forefront of investors’ minds. U.S. President Donald Trump said on Monday that Washington was not ready to make a deal with Beijing but he expected one in the future, while at the same time pressing Japanese Prime Minister Shinzo Abe to even out a trade imbalance with the United States.

The dollar edged lower against the yen, with USD/JPY last at 109.4.

The euro was lower, with EUR/USD down 0.1% to 1.1180 after bouncing from a one-and-half week high of 1.1215 overnight following the outcome of European parliamentary elections.

In the Eurozone, data on Tuesday showed that German consumer morale cooled slightly heading into June to hit its lowest level in more than two years as shoppers became less willing to buy and more downbeat about the growth outlook of Europe’s largest economy.

Later in the day, European Union leaders are due to hold a summit meeting in Brussels to start the first round of nominations for the heads of the EU institutions – including the president of the European commission and president of the European Central Bank.

The pound was also weaker, with GBP/USDslipping 0.1% to 1.2660

Bitcoin, which on Monday had touched $8,939.18, its highest level in more than a year, was last at $8,714.5. The cryptocurrency topped $8,000 for the first time since July 2018 on May 13.

–Reuters contributed to this report



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