Forex

United States dollar fell near three-month low as markets reopened for 2018

US Dollar

Tuesday, the United States dollar deteriorated and fell down near three-month low against a group of its major currency rivals. According to the dollar index, the greenback settled at 92.162 against its six major currency rivals, which was an inch higher than Friday’s low of 92.080. In addition, investors are concerned about the stance of the U.S. dollar this 2018, as the dollar index indicated an annual percentage of 9.8% for the whole 2017, and is considered as the currency’s worst annual performance since 2003.

The dollar’s weak performance for the year 2017 was partially due to other countries’ central banks advancing further towards a tighter monetary policy, which weakens the distinguished separation between the Fed and others. In addition, as the greenback stood firm and is on defensive, several major currencies were seen advancing to a positive start this 2018.

The single currency settled at $1.2018 which was 0.1% higher, as the Chinese yuan advances to a high of 6.4922 yuan per dollar and is considered as the currency’s robust level since September 8, 2017.

In which, senior global markets analyst at Sumitomo Mitsui Banking corporation in Singapore: Satoshi Okagawa said that the highlights for Tuesday is the single currency trading above $1.20 as well as the Chinese yuan dropping below 6.5%. Satoshi Okagawa also mentioned that there’s an across-the-board advantage in Asian currencies behind of such moves.

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