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Dollar Rebounds, Scores Solid Gains Against Peers

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Dollar Rebounds, Scores Solid Gains Against Peers

The U.S. dollar moved higher on Wednesday, rebounding from recent losses, after data showed a weak outlook for the Japanese economy, and the New Zealand central bank hinted at a rate hike.

Traders are looking ahead to U.S. inflation data, due on Friday.

The dollar index advanced to 90.11, gaining about 0.55%.

Against the Euro, the dollar firmed up to $1.2196, rising nearly 0.5% from the previous close of $1.2252.

The Pound Sterling lost ground against the dollar, easing to $1.4122, from $1.4149.

The Yen weakened to 109.14, sliding from 108.78. Japan’s government downgraded its economic assessment citing the impact of the coronavirus pandemic on consumer spending and business conditions.

In the monthly report, the Cabinet Office said that the Japanese economy shows weakness in some components further, although it remains in picking up in a severe situation due to the Novel Coronavirus.

Against the Aussie, the dollar firmed up a bit to 0.7743, gaining from 0.7751.

The Swiss franc slipped to 0.8972 a dollar, sliding 0.19%, while the Loonie weakened to 1.2124 a dollar, losing nearly 0.5%.

The material has been provided by InstaForex Company – www.instaforex.com