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Dollar slips as traders weigh Trump comments and weaker oil
The dollar index backed off from the 102.00 area, while EUR/USD edged back above 1.1200 and USD/JPY eased toward 157.70 ahead of US consumer sentiment.
FXStreet reports a bout of selling pressure pushed the US dollar lower on Thursday, with traders pointing to remarks from President Donald Trump and a subsequent pullback in crude oil prices.
The US Dollar Index (DXY) faded part of Wednesday’s advance, testing the 102.00 region and keeping the currency in the upper part of its recent trading range. In the US schedule, investors were set to watch the preliminary University of Michigan Consumer Sentiment release and a speech by the Fed’s Collins.
In Europe, EUR/USD attempted a mild rebound, reclaiming above 1.1200 and rising modestly on the day. With limited domestic US data, traders also looked ahead to comments from the ECB’s Cipollone and Schnabel.
In other major pairs, GBP/USD gained, pushing above 1.3200 after a late pullback in the greenback. USD/JPY reversed lower to three-day lows near 157.70, while Japan’s docket included Household Spending figures and Machine Tool Orders.
Latest closeWTI crude $89.70 ▼1.6%|EUR/USD 1.122 ▼0.3%|USD/JPY 157.94 ▲0.1%