US dollar slightly trims gains

Posted 24 July, 2018

The US dollar shows changes on Tuesday amid expectations of further rate revision to be made by the US Federal Reserve this year bypassing Donald Trump's negative statements.

As the statistics show, the US Dollar index decreased by mid-day to 94.22.

The euro slightly improved against the greenback reaching 1.1704. According to the released economic data, the euro-area private sector posted business slowdown, though GDP growth loses momentum in early-Q3.

Positive dynamics was also seen in the sterling-to-US dollar exchange rate. The sterling moved up to 1.3129.

Meanwhile, the Chinese yuan dropped to the bottom over more than 13 months vs the greenback. The yuan was recorded at 6.8345. Notably, with a lower yuan, it seems that PBOC will let the national currency to lose some grounds to offset the impact from the US duties and boost the competitiveness of the Chinese exports.

However, the US dollar remains in good demand supported by the forecasts that the US Federal Reserve will not adhere to its plans for further interest rate revision in 2018 given economic upturn in the USA.

Some negative impact came from the negative statements of the US President regarding the Central Bank monetary policy. Specifically, Donald Trump stated that further upward plans affected his steps to boost the US economy.

The US dollar-to-yen exchange rate dropped to 111.02. A stronger yen is related to BOJ's discussions of stimulation shutdown in the country. For reference, the next monthly meeting will take place in late July.

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