The U.S. dollar rose on Tuesday, pulling back from a six-week low against the euro, even as investors remained concerned about potential economic damage from the trade war waged by President Donald Trump's administration.
"We had a big selloff in the dollar and we have it bouncing back a bit today ... I don't think there has been a lot of fresh news to say the dollar has turned in any kind of meaningful way," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC.
The dollar was up 0.7% against the yen at 143.73. The euro fell 0.5% to $1.1386, having briefly touched a six-week high of $1.1454. Data earlier showed inflation in the euro zone slowed below the European Central Bank's target of 2%, underpinning expectations for a rate cut later this week.
For the year, the dollar is down about 9% against the euro.
While global equity markets have broadly recovered from an early-April selloff in the wake of the on-again, off-again saga of Trump's tariff threats, the greenback remains pressured.
The British pound was 0.3% lower at $1.35045 on Tuesday, ahead of a raft of Bank of England speakers and an auction of long-dated government bonds that may offer a gauge of investor confidence in Britain's finances.
Bitcoin, the world's largest cryptocurrency by market capitalisation, was 0.4% higher on the day at $105,364.
Source: Reuters
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