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Euro bounces from six-week lows as dollar hits pause button


Tuesday, 7 August 2018 15:13 WIB

Federal Reserve Euro


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The euro edged higher on Tuesday, bouncing from a near six-week low hit in the previous session, though major currencies remained trapped in broad ranges as investors hunted for fresh triggers in foreign exchange markets.

Financial markets expect another 40 basis points in rate increases from the U.S. Federal Reserve through the remainder of the year after two rate hikes so far in 2018.

The euro climbed a quarter of a percent higher at 1.1583 on Tuesday after falling to $1.1530 on Monday, its lowest since June 28 after monthly German industrial orders missed forecasts.

The other big mover in currency markets was the Australian dollar which rallied 0.5 percent to a one-week high at $0.7427 after the central bank kept policy settings on hold.

Source : Reuters


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