Investing.com - The dollar edged lower against the euro and the yen on Tuesday on the view that the Federal Reserve will maintain its stimulus program well into next year to safeguard the economic recovery.
During European morning trade, EUR/USD edged up 0.07% to 1.3515 from Monday’s close of 1.3504.
The greenback remained under pressure as comments by Federal Reserve Chairwoman nominee Janet Yellen last week were seen as reiterating the need for continued stimulus to ensure a robust economic recovery.
The dollar’s losses were held in check after Federal Reserve Bank of New York President William C. Dudley said Monday he was growing more hopeful that the economy is improving, and added that the fiscal uncertainties that acted as a drag on growth are likely to abate in the coming months.
Investors were turning their attention to the minutes of the Fed’s October meeting, as well as a speech by Fed Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.
USD/JPY was down 0.25% to 99.73, moving back from the two-month highs of 100.42 struck on Friday.
The dollar edged higher against the pound, with GBP/USD slipping 0.10% to 1.6093, but dipped against the Swiss franc, with USD/CHF inching down 0.04% to 0.9124.
The greenback was mixed to lower against the Australian, New Zealand and Canadian dollars, with AUD/USD rising 0.47% to 0.9419, NZD/USD edging up 0.07% to trade at 0.8339 and USD/CAD up 0.13% to 1.0441.
The Aussie remained supported after broad economic reforms outlined by the Chinese government bolstered the outlook for Australian commodity exports.
Earlier Tuesday, the minutes of the Reserve Bank of Australia’s November meeting said the exchange rate remained “uncomfortably high” and indicated that further rate cuts are possible if judged necessary to support economic growth.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.06% to 80.74.
The market was looking ahead to the closely watched ZEW index of German economic sentiment, due out later Tuesday.
During European morning trade, EUR/USD edged up 0.07% to 1.3515 from Monday’s close of 1.3504.
The greenback remained under pressure as comments by Federal Reserve Chairwoman nominee Janet Yellen last week were seen as reiterating the need for continued stimulus to ensure a robust economic recovery.
The dollar’s losses were held in check after Federal Reserve Bank of New York President William C. Dudley said Monday he was growing more hopeful that the economy is improving, and added that the fiscal uncertainties that acted as a drag on growth are likely to abate in the coming months.
Investors were turning their attention to the minutes of the Fed’s October meeting, as well as a speech by Fed Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.
USD/JPY was down 0.25% to 99.73, moving back from the two-month highs of 100.42 struck on Friday.
The dollar edged higher against the pound, with GBP/USD slipping 0.10% to 1.6093, but dipped against the Swiss franc, with USD/CHF inching down 0.04% to 0.9124.
The greenback was mixed to lower against the Australian, New Zealand and Canadian dollars, with AUD/USD rising 0.47% to 0.9419, NZD/USD edging up 0.07% to trade at 0.8339 and USD/CAD up 0.13% to 1.0441.
The Aussie remained supported after broad economic reforms outlined by the Chinese government bolstered the outlook for Australian commodity exports.
Earlier Tuesday, the minutes of the Reserve Bank of Australia’s November meeting said the exchange rate remained “uncomfortably high” and indicated that further rate cuts are possible if judged necessary to support economic growth.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.06% to 80.74.
The market was looking ahead to the closely watched ZEW index of German economic sentiment, due out later Tuesday.