Dollar Edges Higher, But Still Near Multi-Month Low
May 23 2017 - 2:02PM
Dow Jones News
By Ira Iosebashvili
The dollar edged higher Tuesday but remained near an almost
seven-month low, weighed down by anemic economic data and political
uncertainty in the U.S.
The Wall Street Journal Dollar Index, which measures the U.S.
currency against a basket of 16 others, was recently up 0.2% at
88.81, a day after hitting its lowest level since early
November.
The measure is down around 4.4% for the year.
Some investors are locking in profits on the dollar's recent
decline ahead of Wednesday's minutes from the Federal Reserve's
most recent monetary policy meeting, said Joe Manimbo, a strategist
at Western Union.
More broadly, "the dollar's bias has taken a turn for the
worse," Mr. Manimbo said. "Until things settle down in Washington
and the economy shows signs of accelerating from a first quarter
slowdown, the dollar is likely to stay on a downward path."
Write to Ira Iosebashvili at ira.iosebashvili@wsj.com
(END) Dow Jones Newswires
May 23, 2017 13:47 ET (17:47 GMT)
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