The U.S Dollar ebbed 0.4 percent at 115.53 yen JPY=D4 on Tuesday, January 10, ahead of a news conference by U.S. President-elect Donald Trump on Wednesday.
Investors are hoping for clues on Trump’s spending plans, amid views that higher outlays will spur inflation and further rises in U.S. interest rates, Reuters reports.
The dollar index .DXY, which tracks the greenback against a basket of six global peers, depreciated by 0.3 percent to 101.63, extending Monday’s 0.3 percent loss.
That risk averse mood pushed market participants to book profits on the dollar’s gains and use it as an excuse to pare some of their long positions in the greenback. It also benefited the perceived safe-haven yen.
It skidded 0.6 percent to 115.365 yen JPY=, well below its overnight high of 117.53, though off an earlier session low of 115.20 yen as Tokyo traders returned to their desks after markets here were closed for a public holiday on Monday.
Meanwhile, the euro gained 0.4 percent to $1.0617 EUR=, moving away from last week’s 14-year low of $1.0340. While the Sterling edged lower on Tuesday after sharp drops on Monday and Friday pushed the currency to its lowest closing level since Oct. 11.
