Dollar Gains 0.3% Against Major Currencies

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The U.S Dollar, on Tuesday, January 24, recovered from fresh multi-week lows against the yen and euro driven by protracted concerns about Donald Trump’s trade policy and stance toward the U.S. currency.

The dollar USDJPY, +0.53% dipped briefly to ¥112.52 in early morning trade, its lowest since Nov. 30, before bouncing back to ¥113.41, up from ¥112.70 late Monday in New York.

The euro EURUSD, -0.1115% soared to $1.0774, its highest since Dec. 8, also in early morning trade before trimming the gains.

The ICE U.S. dollar index DXY, +0.19% which measures the currency against six major rivals, traded at 100.31 in recent action, up from 99.966 late Monday.

The WSJ Dollar Index BUXX, +0.17% a measure of the U.S. dollar against a wider basket, rose 0.3% to 91.10.

Meanwhile, the British pound GBPUSD, -0.5185% fell to $1.2448 versus a level of $1.2536 late Monday. Britain’s Supreme Court, as expected, upheld a ruling that Prime Minister Theresa May can’t start the Brexit process without parliamentary approval.

Sterling’s weakness in the wake of the ruling marks a shift in the currency’s relationship with political news, said Jane Foley, senior FX strategist at Rabobank, in a note.

Meanwhile, the Turkish lira slumped after the country’s central bank failed to raise rates. The U.S. dollar USDTRY, +0.1437% spiked as high as 3.82 lira after the decision, before calming back to 3.7669 in recent action, a gain of around 0.3%.

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