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Dollar rebounds slightly

FOREX_USD-rebounds_FXPIG

The dollar moved slightly higher on Tuesday, taking a breather from its recent selloff as traders welcomed the end to the U.S. government shutdown.

Meanwhile, the yen rose against all other major currencies after the Bank of Japan struck a relatively upbeat tone in its monetary policy assessment.

What are currencies doing?

The ICE U.S. Dollar Index DXY, +0.05%  rose 0.1% to 90.445, recouping a portion of its Tuesday losses. The greenback fell 0.2% in that session as losses built through the day, although it pared declines after a congressional vote to end a three-day government shutdown.

The yen USDJPY, -0.46%  advanced, with the dollar buying ¥110.63, down from ¥110.92 late Monday in New York.

The pound GBPUSD, -0.2931%  fell to $1.3942, after reaching the key $1.40 level overnight. Sterling bought $1.3987 late on Monday.

The euro EURUSD, -0.1305%  slipped to $1.2245 from $1.2262 on Monday.

What is driving the market?

The dollar pared losses late in Monday’s session and continued the upward trend higher on Tuesday after the U.S. Congress passed a three-week funding measure that brought a halt to the three-day shutdown. The bill, also signed by President Donald Trump, keeps the U.S. government running up to Feb. 8, but has done little to resolve the underlying policy fights between the Democrats and the Republicans.

That means a similar shutdown could happen when the three-week stopgap bill expires if the two parties fail to reach an agreement on government-spending levels and immigration.

The dollar index is still trading close to a three-year low, as investors start to price in tighter monetary policy in major economies outside the U.S. However, some analysts say the greenback could enjoy a short-term rebound, especially if the euro pulls back from its recent rally. The next big event for the shared European currency is European Central Bank meeting on Thursday.

Source:marketwatch.com

The dollar moved slightly higher on Tuesday, taking a breather from its recent selloff as traders welcomed the end to the U.S. government shutdown.

Meanwhile, the yen rose against all other major currencies after the Bank of Japan struck a relatively upbeat tone in its monetary policy assessment.

What are currencies doing?

The ICE U.S. Dollar Index DXY, +0.05%  rose 0.1% to 90.445, recouping a portion of its Tuesday losses. The greenback fell 0.2% in that session as losses built through the day, although it pared declines after a congressional vote to end a three-day government shutdown.

The yen USDJPY, -0.46%  advanced, with the dollar buying ¥110.63, down from ¥110.92 late Monday in New York.

The pound GBPUSD, -0.2931%  fell to $1.3942, after reaching the key $1.40 level overnight. Sterling bought $1.3987 late on Monday.

The euro EURUSD, -0.1305%  slipped to $1.2245 from $1.2262 on Monday.

What is driving the market?

The dollar pared losses late in Monday’s session and continued the upward trend higher on Tuesday after the U.S. Congress passed a three-week funding measure that brought a halt to the three-day shutdown. The bill, also signed by President Donald Trump, keeps the U.S. government running up to Feb. 8, but has done little to resolve the underlying policy fights between the Democrats and the Republicans.

That means a similar shutdown could happen when the three-week stopgap bill expires if the two parties fail to reach an agreement on government-spending levels and immigration.

The dollar index is still trading close to a three-year low, as investors start to price in tighter monetary policy in major economies outside the U.S. However, some analysts say the greenback could enjoy a short-term rebound, especially if the euro pulls back from its recent rally. The next big event for the shared European currency is European Central Bank meeting on Thursday.

Source:marketwatch.com

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