Forex - Dollar edges up after slipping on U.S. political concerns

The dollar edged higher against a basket of the other major currencies on Thursday, regaining ground after slipping in the previous session amid renewed concerns over U.S. political uncertainty.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% to 93.27 by 03:22 AM ET (07:22 GMT).

U.S. President Donald Trump threatened Tuesday to shut down the government to secure funding to build a wall along the U.S.-Mexican border. He also raised the prospect of pulling out of the North American Free Trade Agreement with Mexico and Canada.

The greenback has weakened recent sessions amid renewed investor concerns about the Trump administration's ability to deliver on its economic policy agenda.

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The dollar was trading near one-month lows against a basket of major currencies on Tuesday after Federal Reserve Chair Janet Yellen struck a mixed tone on the outlook for the economy and prospects for higher interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.88, not far from Monday’s lows of 93.74, the weakest level since May 11.

Speaking Monday, Yellen indicated that the U.S. central bank won’t be raising interest rates until uncertainty over the economic outlook is resolved.

Yellen said she expects the economic recovery to continue but gave no indications on the timing of a next rate increase.

The remarks came after data on Friday showing that the U.S. economy added just 38,000 jobs last month, the smallest increase since September 2010.

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Forex Tips - Dollar holds steady vs. euro, yen ahead of Yellen speech

The dollar held steady against other major currencies on Friday, as investors remained cautious ahead of a speech by Federal Reserve Chair Janet Yellen due later in the day amid growing expectations for an upcoming U.S. rate hike.

EUR/USD was little changed at 1.1196.

Investors were eyeing the release of U.S. economic growth data, as well as comments by Fed Chair Janet Yellen due later Friday, for futher hints on the timing of future rate hikes by the U.S. central bank.

The greenback posted sharp gains earlier in the week amid expectations for the Fed to raise interest rates in the near term after last week’s April Fed meeting minutes flagged a possible rate hike if the economy continues to improve.

USD/JPY was steady at 109.71.

Earlier Friday, official data showed that Tokyo’s consumer price index fell by an annualized rate of 0.5% in May, compared to expectations for a 0.4% slip. Core CPI, which excludes fresh food, also declined by 0.5% last month, disappointing expectations for a 0.4% fall.

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Forex - Dollar dips but remains firm on rate hike view

The dollar eased against a basket of its peers on Wednesday, but remained supported near two-month highs as positive U.S. housing data and recent hawkish comments by Federal Reserve officials indicated that interest rates could soon rise.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased to 95.53, just below overnight highs of 95.66, the most since March 29.

Demand for the dollar continued to be underpinned after data on Tuesday showing that U.S. new home soared to the highest level since the start of 2008 in April.

The Commerce Department said new home sales rose by 16.6% to an annual unit rate of 619,000 last month.

The data reinforced expectations that the Fed could raise interest rates in the near term after last week’s April Fed meeting minutes flagged a possible rate hike if the economy continues to improve.

Higher rates are positive for the dollar because they make the U.S. currency more attractive to yield-seeking investors.

EUR/USD edged up to 1.1147 from Tuesday’s lows of 1.1131, the weakest level since March 16.

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