Tuesday, June 7, 2016

Forex - Dollar near 1-month lows, Aussie, pound rally

© Reuters. Dollar near 1-month lows, Aussie, pound rally© Reuters. Dollar near 1-month lows, Aussie, pound rally

Investing.com - The dollar was trading near one-month lows against a basket of major currencies on Tuesday after struck a mixed tone on the outlook for the economy and prospects for higher interest rates.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.17% at 93.88, not far from Monday's lows of 93.74, the weakest level since May 11.

Speaking Monday, Yellen indicated that the U.S. central bank won't be raising interest rates until uncertainty over the economic outlook is resolved.

Yellen said she expects the economic recovery to continue but gave no indications on the timing of a next rate increase.

The remarks came after data on Friday showing that the U.S. economy added just 38,000 jobs last month, the smallest increase since September 2010.

The disappointing data effectively ruled out chances for a June rate hike and prompted investors to push back expectations on the timing of the next rate hike until later this year.

The Fed raised interest rates for the first time in almost a decade in December.

The euro remained steady near one-month highs, with at 1.1366.

The dollar pushed higher against the yen, with up 0.25% to 107.82.

The Australian dollar rallied, with jumping 0.95% to 0.7436 after the country's central bank left rates on hold on Tuesday and held off from indicating that more monetary easing is on the cards.

Sterling was also sharply higher, with advancing 0.98% to 1.4582 after an opinion poll in the Times newspaper showed the Remain campaign with a one-point lead over the Leave campaign ahead of the June 23 European Union referendum.

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