NEW YORK: The dollar was little changed on Tuesday, as investors waited for developments on whether lawmakers in Washington could reach a compromise on new stimulus to support the economic recovery from the coronavirus pandemic ahead of next month’s election.
US House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were expected to speak by phone again on Tuesday on economic relief after speaking for about an hour on Monday, continuing their recent flurry of activity working towards a deal on legislation.
But the dollar remained rangebound against a basket of six major currencies, last sitting at 93.407, as expectations for a deal were muted. The greenback has fallen around 1% from a two-month high reached at the end of September, in contrast with US equity markets, which rose.
Euro/dollar was up 1.3% at $1.1796. The British pound fell 0.12% to $1.2961, with hopes of a Brexit deal keeping the currency close to $1.30. The dollar was 0.04% weaker versus the Japanese yen at 105.68.
Among currencies that are not included in the dollar index, the offshore Chinese yuan weakened 0.2% to 6.7325 per dollar, having hit on Monday its highest level since April of last year.—Reuters
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