Forex – Dollar Holds onto Modest Gains, Fresh U.S. Data on Tap

© Reuters. Dollar remains moderately higher vs. other majors – The U.S. dollar held onto modest gains against other major currencies on Wednesday, as investors eyed the release of fresh U.S. economic reports following Tuesday’s tepid inflation data and concerns surrounding new U.S. political turmoil.

Markets were jittery after U.S. President Donald Trump on Tuesday , considered more moderate in his administration. Tillerson will be replaced by CIA Director Mike Pompeo.

Investors also remained cautious after Trump announced plans to on up to $60 billion of Chinese imports, specifically targeting the technology and telecommunications sectors.

The dollar had already come under pressure after data on Thursday showed that U.S. consumer prices slowed last month, confirming that an anticipated pickup in inflation will probably be only gradual and easing concerns over a more aggressive interest rate policy by the Federal Reserve.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.10% at 89.79 by 06:20 a.m. ET (10:20 GMT).

The euro was lower, with down 0.19% at 1.2367, while held steady at 1.3954.

The yen was almost unchanged, with at 106.52, while edged up 0.17% to 0.9456.

Elsewhere, the Australian dollar was stronger, with up 0.33% at 0.7886, while held steady at 0.7323.

Meanwhile, slipped 0.10% to trade at 1.2951.

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