Investing.com – The dollar fell to more than three-month lows against a basket of major currencies on Tuesday as traders awaited key economic data releases slated for this week.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.42% to 91.60.
The greenback made a subdued to start to the trading year, falling to more than three month lows amid a lack of top-tier economic data and lower trading volumes.
The December meeting and data slated for later this week, however, are expected to get the trading year underway in earnest as traders look for clues on monetary policy and the progress of the labor market, respectively.
Goldman Sachs recently said it expects the trend of falling unemployment to continue, forecasting unemployment in 2018 to fall to 3.5% below the April 2000 low of 3.8%.
Also adding to dollar weakness was a rise in the pound and euro as both currencies picked up from where they left off in 2017, adding to gains against the greenback.
rose 0.35% to $1.2049, while rose 0.68% to 1.3596 as the latter shrugged off weaker-than-estimated manufacturing data.
The euro’s bullish start to the year comes amid recent hawkish monetary policy comments from European Central Bank Executive Board member Benoit Coeure.
“… given what we see in the economy, I believe that there is a reasonable chance that the extension of our asset purchase program decided in October can be the last,” Coure said.
fell 0.39% to Y112.23, while fell 0.36% to C$1.2504.
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