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Dollar near three-week high after IMF cuts growth forecasts
Tuesday, 22 January 2019 15:58 WIB | CURRENCIES |DOLLARDolar AS

The dollar held at a near three-week high on Tuesday as investors sought the relative safety of the U.S. currency after the International Monetary Fund cut its forecasts for the world economy in 2019 and 2020.

The dollar has been considered a consensus short trade since the end of 2018 on concerns that the U.S. Federal Reserve will pause in its interest rate increases. But it has been boosted in recent days by lack of growth in other regions, notably Europe.

On Monday, the dollar rose to 96.472, its highest level since Jan. 4 and up more than 1.5 percent from a three-month low earlier this month.

The euro struggled near a three-week low of $1.1361, down nearly 2 percent over the past two weeks from near $1.16 levels.

The yen, another safe-haven currency, was steady against the dollar, fetching 109.64 in early trade. The Bank of Japan is expected to leave policy unchanged at its Jan. 22-23 meeting. Analysts expect monetary policy to remain accommodative in Japan this year.

Source: Reuters

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