FX.co ★ Dollar Regains Some Lost Ground Against Major Currencies

Dollar Regains Some Lost Ground Against Major Currencies

The U.S. dollar was weak in the Asian session on Tuesday, but gradually recovered as the day progressed to erase some of the losses it posted in recent sessions.

The dollar index, which fell to 90.86, a near 7-week low early on in the day, rallied to 91.28 by mid afternoon, and was at 91.20 a little while ago, gaining about 0.14% from previous close.

Against the Euro, the dollar was up slightly at $1.2036.

The Pound Sterling was weaker against the dollar, fetching $1.3936 a unit, compared with $1.3985 Monday evening. The UK unemployment rate dropped unexpectedly in three months to February, falling to 4.9%, data from the Office for National Statistics showed. Economists had forecast the rate to rise to 5.1% from 5% in three months to January.

The Yen was flat 108.10 a dollar, after weakening to 108.55. Japan's tertiary activity rose for the first time in three months in February, data from the Ministry of Economy, Trade and Industry showed. The tertiary activity index grew 0.3% month-on-month in February, after a 1% decrease in January.

The Aussie was weaker at US$ 0.7725, down more than 0.4%. The minutes from the Reserve Bank of Australia's latest meeting showed that the bank doest not expect to hike its benchmark lending rate from the current record low of 0.1% until at least 2024 at the earliest.

At the meeting, the bank kept its benchmark lending rate unchanged at the record low of 0.1%. The central bank retained the target yield on the 3-year Australian government bond at around 0.1%.

The Swiss franc weakened to 0.9158 a dollar from 0.9147, while the Loonie weakened to C$ 1.2616 a dollar from 1.2535 a dollar.

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