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Dollar hits six-week low vs. yen, market is focusing on U.S. data

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The dollar skidded to a six-week low versus the yen on Tuesday, its outlook clouded by U.S. political turmoil and doubts over whether there will be another Federal Reserve rate hike this year.

The dollar slipped to a low of 110.005 yen at one point, its lowest level since June 15. The greenback was last trading at 110.20 yen, down about 0.1 percent on the day.

While the dollar could bounce back to levels around 111.50 yen if forthcoming U.S. economic data is strong, a rise to levels beyond 112 yen seems unlikely in the near term.

The dollar index , which measures the greenback's value against a basket of six major currencies, slid 2.9 percent in July.The index's trough of 92.784 on Monday was its lowest since early May 2016.

Traders might trim their bullish bets on the euro for now and look for chances to buy the euro on dips, as they look to U.S. economic data this week for fresh clues on the dollar's overall direction.

U.S. economic data this week include the jobs report on Friday. Investors will also focus on the core personal consumption expenditures (PCE) price index due later on Tuesday.

The Australian dollar rose to as high as $0.8043 earlier on Tuesday, after a private survey showed that growth in China's manufacturing quickened in July.

Source: Investing.com

Trader Bozhidar Arabadzhiev


 Varchev Traders

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