Dollar Hovers Near Two-Week High As Euro Flags Ahead Of ECB Meeting

www.oann.com | 5/3/2018 | Staff
cv2angels (Posted by) Level 3
TOKYO (Reuters) – The dollar held near a two-week high against its key rivals on Tuesday, underpinned by a resilient economy and a flagging euro ahead of an upcoming European Central Bank policy meeting.

Higher U.S. bond yields kept the dollar well bid, and though rates were off overnight peaks, traders bet the greenback had more going for it than some of its peers.

Euro - ECB - Meeting - Thursday - ECB

The euro in particular remained wobbly before the ECB meeting on Thursday. The ECB is facing growing pressure to address how to protect the euro zone economy from a protracted slowdown.

In contrast, the dollar has enjoyed some support from higher U.S. Treasury yields as data, including fourth quarter gross domestic product, eased fears of a potentially rapid loss in economic momentum.

Dollar - Index - Group - Currencies - Day

The dollar index versus a group of six major currencies was at 96.668 after going as high as 96.816 the previous day, its strongest since Feb. 19.

Although benchmark U.S. Treasury yields pulled back from peaks seen in late January, underlying demand for the dollar remained solid in a sign of confidence over the economic outlook.

Euro - Percent - Day - Low

The euro was little changed at $1.1337 after shedding 0.25 percent the previous day, when it brushed an 11-day low of $1.1309.

While the dollar gained against the euro, it was on the defensive versus the yen as risk aversion in the equity markets supported...
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