Investing.com - The dollar pushed higher against a basket of the other major currencies on Wednesday, while the euro remained under pressure from political woes in Europe.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 100.55.
The greenback's gains were held in check amid concerns over U.S. President Donald Trump's protectionist economic stance and recent hints from the new administration that it would prefer a weaker dollar.
The euro weakened broadly, with EUR/USD down 0.25% to 1.0651, the lowest level since January 30.
EUR/JPY was down 0.43% to119.53, the weakest level since December 5.
The single currency remained under pressure amid fears over the possibility of a Brexit or Trump-style shock result in France’s upcoming presidential election.
Worries over elections in the Netherlands, Germany and possibly Italy, as well as the escalating row over Greece's bailout added to concerns over political risk in the euro area.
Dovish remarks by European Central Bank President Mario Draghi, who on Monday downplayed calls for the bank to scale back its stimulus program, also kept the euro on the defensive.
The dollar dipped against the yen, with USD/JPY edging down 0.12% to 112.26, but held above Tuesday’s lows of 111.58, the weakest since November 29.
Japanese Prime Minister Shinzo Abe will visit Trump in the U.S. later this week, and trade and currency issues are expected to be in the spotlight.
Trump has accused Tokyo of using monetary policy to devalue its currency to boost exports.
Meanwhile, sterling was little changed against the dollar, with GBP/USD at 1.2507.