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Forex – Dollar Broadly Lower as Euro Regains Ground

© Reuters.  Dollar broadly lower as euro regains ground© Reuters. Dollar broadly lower as euro regains ground

Investing.com – The dollar was lower against a basket of the other major currencies on Tuesday as the euro regained ground following upbeat German trade data and hawkish remarks by a European Central Bank official.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.36% to 93.21 by 08:53 AM ET (12:53 PM GMT).

EUR/USD was up 0.4% to 1.1786, the most since October 4.

The single currency was boosted by data showing that German exports outstripped imports in August, adding to evidence that the euro area’s largest economy performed strongly in the third quarter.

The euro also remained supported after ECB executive board member Sabine Lautenschlaeger said Monday the bank should scale back its asset purchases next year with the aim to halt the program altogether.

The dollar extended early losses against the yen, with USD/JPY sliding 0.23% to 112.41 The pair had hit an almost three week high of 113.43 on Friday on upbeat U.S. wage growth data before retreating amid renewed fears over North Korea.

Sterling was higher against the dollar, with GBP/USD rising 0.28% to 1.3179.

In the UK, data on Tuesday showed that the goods trade deficit hit a record high in August as imports surged and exports shrank, dashing hopes that the weaker pound would help boost exports.

Another report showed that manufacturing output rose by a better-than-expected 0.4% in August.

Elsewhere, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD down 0.33% to 1.2507.

Earlier in the day, data showed that the value of Canadian building permits fell more than expected in August, the second straight monthly decline.

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