BUSINESS US dollar declines amid concerns over economic slowdown, equities sell-off

BUSINESS

US dollar declines amid concerns over economic slowdown, equities sell-off

Xinhua

07:35, December 25, 2018

US DOLLAR CGTN.jpg

(Photo: CGTN)

NEW YORK, Dec. 24 (Xinhua) -- The US dollar declined on Monday as investors were concerned about possible economic slowdown and equity markets sell-off.

The dollar has retreated since the Federal Reserve on Wednesday adopted a less dovish outlook on further rate hikes than many had hoped. Investors were concerned that rapid rate hikes will harm the economy and hurt corporate profits.

US Treasury Secretary Steven Mnuchin called the heads of the six largest US banks in an attempt to stabilize the market over the weekend, but the move seemed only to raise new concerns about the economy.

The moves spooked the already volatile market as investors were anxious that their gains would vanish and entered a risk-off mode.

The dollar index, which measures the greenback against six major peers, was down 0.32 percent at 96.6365 in late trading.

In late New York trading, the euro rose to 1.1398 dollars from 1.1371 dollars in the previous session, and the British pound was up to 1.2704 dollars from 1.2634 US dollars in the previous session. The Australian dollar decreased to 0.7041 dollar from 0.7046 dollar.

The US dollar bought 110.41 Japanese yen, lower than 111.29 Japanese yen of the previous session. The US dollar was down to 0.9875 Swiss franc from 0.9948 Swiss franc, and it increased to 1.3611 Canadian dollars from 1.3589 Canadian dollars.


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