Dollar ends higher on risk aversion
|The greenback rose against its peers on Tuesday as due to selloff in US stocks as investors remained cautious over amid the renewed concerns over inflation together with fears over economic recession. (Dow closed at 30,946, down by 491 points or 1.56%).
Versus the Japanese yen, dollar found renewed buying at 135.12 in Asian morning and gained in Europe on active cross-selling in yen. The pair then ratcheted higher to session highs of 136.38 in New York before retreating in tandem with US yields in New York afternoon.
The single currency traded sideways in Asia before spiking up to 1.0606 in early European morning. However, price met renewed selling there after comments from ECB's Lagarde and fell to an intra-day low at 1.0504 in New York morning on usd's broad-based rebound before staging a short-covering rebound in New York afternoon.
The British pound also traded sideways in Asia before edging up to 1.2291 at European open. The pair then tumbled in tandem with euro to an intra-day low at 1.2181 in New York afternoon before stabilising.
Data to be released on Wednesday:
U.K. BRC shop price index, Japan retail sales, consumer confidence, Australia retail sales, Swiss investor sentiment, EU business sentiment, economic sentiment, industrial sentiment, services sentiment, consumer confidence, U.S. mortgage application, GDP and PCE prices.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.