Greenback takes breather
On Tuesday, the greenback took a breather from its recent revenues, edging away from seven-month peaks against a currency basket as market participants took stock of American monetary policy hopes over the near term.
The dollar index, traditionally tracking the greenback against six key rivals, sank 0.2% to 97.733, having leapt as high as 98.169 during the previous trading session, its highest value since March 10.
Against the Japanese yen, the evergreen buck descended 0.2%, being worth 103.72.
Range bound trading goes on, with the 104 level heavy for the greenback-yen. That’s just another short-term playing in the market, as some financial experts state.
American interest rates is still a major focus of the markets. However, a rate hike this year is still questioned.
On Monday, Federal Reserve Vice Chairman Stanley Fischer announced that economic stability could be affected by low interest rates, though it’s not an easy decision for the Fed to raise rates.