The U.S. dollar fell on Tuesday, nearing a one-week low following a report that President-elect Donald Trump's tariffs could be less aggressive, while the euro strengthened ahead of key inflation data.
At 4:25 a.m. ET (09:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.3% lower at 107.775, after falling overnight to its weakest since Dec. 30.
Dollar remains weaker
The dollar has weakened since the Washington Post published a report on Monday that the new Trump administration is exploring plans to limit tariffs on sectors deemed critical to U.S. national security or the economy.
President-elect Donald Trump has denied the report in a post on his Truth Social platform, but the dollar has struggled to gain ground.
"The dollar's failure to recover all of its intraday losses on Monday likely indicates two factors: first, that the market is very much in favor of the dollar after a nearly continuous three-month rally; second, the view that there is no smoke without fire and that the Washington Post report sounds reasonable," analysts at ING said in a note.
There is plenty of U.S. economic data to digest on Tuesday, including the December ISM non-manufacturing PMI and November JOLTS job openings, ahead of Friday's closely watched U.S. jobs report for further clarity on the health of the world's largest economy.
"It is unlikely that investors will want to consider actively selling dollars ahead of Trump's inauguration on January 20 on speculation of softer tariffs – but we could see a bit of a rebalancing of foreign exchange positions and a bit of dollar consolidation for a while," ING added.
Source: Investing.com
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