During the beginning of the week, the US dollar entered into a negative territory following concerns in the market and among analysts regarding the announcement that William Dudley who currently serves as the New York Federal Reserve President will be retiring earlier than expected.
Another factor that weighed in on the market sentiment includes political uncertainties in the Middle East leading investors to stay away from riskier assets and opt for safe-haven assets.
The U.S. dollar index was down during the previous trading session by as much as 0.18% to 94.66 against six other major currencies.
The greenback then lost the gains it recorded against currencies such as the Japanese yen and Swiss franc on news of Saudi Arabia’s crown prince Mohammed bin Salman leading an anti-corruption drive that required the arrest of known Saudi Arabians.
The greenback declined by 0.24% against the Japanese yen and was down by 0.35% against the Swiss franc. Other currencies such as the Euro took advantage of the US dollar’s decline with the currency gaining 0.04% to $1.160 against the greenback. The USD also slumped 0.30% against the Canadian dollar.
The U.S. currency slumped further during the trading session with the U.S. dollar index inching down 0.23% lower to 94.61 against six other major currencies with the currency remaining negative overnight on the aforementioned political concerns in the Middle East and uncertainty on the Federal Reserve.
However, the dollar recovered in Asia against the Japanese yen by Tuesday’s session with the U.S. dollar index gaining 0.04% to 94.66 against a basket of major currencies.
The dollar also traded 0.12% against the Japanese yen to 113.84 while the Australian dollar traded down by 0.03% against the US dollar.
The USD/CAD pair which was mostly positive during the beginning of the week traded 0.29% higher on a number of economic factors around the globe with oil prices rallying on the political events that took place in Saudi Arabia as well as purchasing managers in Canada remaining mostly positive about the economy of the country.
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