Dollar Continues to Struggle Against Other Currencies

Dollar Continues to Struggle Against Other Currencies
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(November 17, 2017) The U.S. dollar remained low against other major currencies on Friday, as concerns over an investigation into Donald Trump’s presidential campaign lingered.

Sentiment on the greenback remained fragile following reports that U.S. President Donald Trump’s election campaign had been subpoenaed for documents in an ongoing investigation relating to possible Russian interference in the 2016 presidential election.

The Wall Street Journal reported on Thursday that Special Counsel Robert Mueller issued a subpoena to more than a dozen officials.

Investors are also watching for new of the tax reform bill, which was passed by the U.S. House of Representatives on Thursday. The Senate finance committee is expected to vote on their version of the bill on Friday. No action is expected until after next week’s Thanksgiving holiday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at 93.67 as of 11:17 AM ET (4:17 PM GMT).

Elsewhere, USD/JPY slumped 0.83% to trade at 112.12, while USD/CHF fell 0.37% to 0.9902, while the EUR/USD rose 0.10% to 1.1782, while GBP/USD increased 0.13% to 1.3212.

The Australian and New Zealand dollars were also down with AUD/USD falling 0.46% at 0.7553 and with NZD/USD slipping 0.64% to 0.6804.

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