U.S. dollar drops as traders take profits back

0 Comment(s)Print E-mail Xinhua, April 12, 2023
Adjust font size:

NEW YORK, April 11 (Xinhua) -- The U.S. dollar fell in late trading on Tuesday as market participants booked profits ahead of the release of the U.S. March inflation report.

The dollar index, which measures the greenback against six major peers, was down 0.36 percent at 102.2017 in late trading.

In late New York trading, the euro was up to 1.0908 dollars from 1.0859 dollars in the previous session, and the British pound increased to 1.2418 dollars from 1.2381 U.S. dollars in the previous session.

The U.S. dollar bought 133.7700 Japanese yen, higher than 133.5860 Japanese yen of the previous session. The U.S. dollar fell to 0.9033 Swiss francs from 0.9097 Swiss francs, and it was down to 1.3467 Canadian dollars from 1.3508 Canadian dollars. The U.S. dollar was down to 10.4551 Swedish Krona from 10.5313 Swedish Krona.

Market participants are waiting for the March readings of the U.S. consumer price index and the U.S. producer price index, which are scheduled to be released on Wednesday and Thursday, respectively.

"The data coming forward this week is important in that it will be one of the last sets of data to inform the May 3rd Federal Reserve meeting," William Northey, senior investment director at U.S. Bank Wealth Management, said on Tuesday.

As traders take some profits off the table and the higher Treasury yields do not provide any support, the dollar index "faced strong resistance at 102.80 and pulled back towards the 102 level," Vladimir Zernov, analyst with market information supplier FX Empire, said on Tuesday. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter