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US Dollar Halts Decline as Stocks Sell-Off Pauses

October 12, 2018 at 16:11 by Vladimir Vyun

One dollar note with an American eagleThe US dollar rallied today against most of its major peers, breaking the three-day long streak of losses. The greenback has lost its gains against the Japanese yen by now but kept them against other rivals.

The US Dollar Index rose 0.25% today. Market analysts explained the rally by the rise of global stocks. US stocks demonstrated particularly big gains, with the S&P 500 Index and the NASDAQ Composite Index climbing more than 1%.

Today’s macroeconomic data was mixed, providing no direction for the dollar. Yesterday, the greenback experienced a sell-off as the inflation print missed expectations. The next week will be full with US economic reports, retail sales data scheduled for Monday arguably being the most important of them.

EUR/USD fell from 1.1593 to 1.1558 as of 16:01 GMT today. GBP/USD dropped from 1.3227 to 1.3155. Meanwhile, USD/JPY edged down from the open of 112.15 to 112.00 after rising to the session high of 112.50 earlier.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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