The U.S Dollar index fell versus a basket of major currencies on Tuesday after Paul Manafort the ex-campaign manager for the U.S. President Donald Trump's was accused with money laundering charges, also according to analyst the dollar was pressured by reports showing that the U.S President Donald Trump is likely going to chose Jerome Powell as the next head of the U.S federal reserve.
The U.S dollar index edged lower against a basket of six major rivals to 94.48 but remained near its three month high of 95.150 on Friday.
Regarding the money laundering charges against Paul Manafort, the former campaign manager for President Trump, Federal investigators charged Trump's former campaign manager, Paul Manafort, and another assistant, Rick Gates, with money laundering in the federal probe into Russian interfering in the 2016 presidential election on Monday.
Regarding the nomination of the federal reserve, the U.S president Trump is leaning towards Jerome Powell to succeed Yellen as the next head of the U.S federal reserve. Powell is seen a moderate regarding the monetary policy and as a less hawkish compared to the Stanford University economist John Taylor, who has been viewed as another candidate for the post.
Over in Europe, the common currency fell against the U.S dollar in today’s session after the europian central bank announced plans to extend its bond buying to September 2018. The EURUSD rose to trade at 1.1650 at Monday’s close.
Meanwhile, The Cable rose versus the dollar, as traders were keeping an eye on Bank of England meeting on the 2nd of November to decide whether it will proceed with an interest rate increase. The GBP/USD traded higher on Monday to settle at 1.3208.
Looking at safe-haven currencies, the Japanese yen advanced against its dollar counterpart after scoring a three-month high of 114.45 yen on Friday. The USD/JPY fell to trade at 113.02 at the close.While the USD/CHF fell to trade at 0.9942 at the close.
Regarding bank of Japan meeting, the Bank has kept its short-term interest rates at minus 0.1 percent and the 10-year Japanese government bond yield close to zero percent.
In the precious metals front, Safe-haven asset gold rose against the greenback on Monday to trade at 1276.05 at the close. After U.S dollar fell amid the money laundering charges
Elsewhere in Canada, the loonie lost some of its gains versus the greenback; the loonie found pressure from oil prices. As a result, The USDCAD edged higher to settle at 1.2831 at the close.
Meanwhile, in Australia, private sector credit came at 0.3 percent below expectations of 0.5 percent The AUD/USD traded at 0.7688 at the close.
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