Economic news

Dollar pulls back though set to strengthen further

The U.S. dollar retreated from a 16-month peak on Wednesday as traders took profits amid surge in the euro and the pound.

Photo: Reuters

The dollar index .DXY dipped 0.26 percent to 97.05. It breached a 16-month peak of 97.69 on Monday.

Improved risk mood around a possible Brexit agreement drove sell-off in the U.S. currency, while there were no panic about change in economic fundamentals.

The greenback edged 0.11 percent higher against the yen to 113.93. The Japanese currency scaled a six-week trough of 114.20 on Monday.

The Aussie hovered at $0.7224, rising 0.12 percent.

The Canadian dollar stayed at 1.3227, fluctuating near its 4-month weak point because of a sell-off in the oil.

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