Economic news

Dollar slips to three-year trough

The dollar slumped to a three-year trough versus its major counterparts on Wednesday, shedding its earlier gains as the euro rose amid coalition negotiations to form a Grand Coalition in Germany.

Photo: Reuters

The dollar index was flat at 90.446 after touching 90.113, its lowest level since December 2014.

The greenback inched up 0.2 percent to 110.675 yen, moving towards a peak of 110.985 scaled on Tuesday.

The euro ticked up 0.05 percent to $1.2266, climbing as high as $1.2323 earlier, its strongest level in three years.

Sterling traded at $1.3836, its highest since June 2016.

Bitcoin dipped 7.2 percent to $10,570.00 on the Bitstamp exchange. It had slumped 16 percent on Tuesday, during which it dropped to a 1-1/2 month trough of $10,162.00 amid worries over possible South Korea's ban trading in bitcoin.

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