Economic news

Dollar weakens amid uncertainty over future rate hikes

The anticipations of a “dovish rate hike” kept the dollar in check on Tuesday. The dollar index .DXY, a popular measure of buck firmness, slid 0.2 percent to 96.931.

Photo: Reuters

Last week, the dollar breached a 18-month top, while the European single currency slipped after the European Central Bank worsened inflation and growth outlooks and struck a cautious tone about the forecast for the global growth.

The greenback fell 0.2 percent versus its Japanese rival to 112.53 yen, adding to Monday’s drop of almost half a percent.

The euro was firm at $1.1342, after having surged 0.40 percent in the previous session.

The Chinese yuan rose slightly to 6.8935 to the dollar in the offshore trading.

The Swiss franc added 0.2 percent, the British pound was stable at $1.2653.

The New Zealand dollar rose to $0.6845, supported in part by strong business confidence data.

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