The US Dollar Index is trading close to a 13-month trough as political turmoil in the US had led to diminished expectations that Donald Trump will be able to push through the various agendas that he had campaigned for in his bid to become the US President. Friday’s resignation of Sean Spicer, the spokesman for the White House, is only the latest upheaval in a string of unrest. The case against the Trump administration, which is mired down in an investigation of possible collusion by the Russian government, seems to be drawing strength. That situation is also weighing on the US Dollar in the short term.
As reported at 11:07 am (BST) in London, the GBP/USD was trading higher at $1.3037, a gain of 0.34%; the pair had earlier hit a peak of $1.30502 while the session low is at $1.29866. The USD/JPY is trading at 110.695 Yen, down 0.41%; the session trough stands at 110.615 Yen while the high is at 111.234 Yen. The Dollar Index is currently at 93.888 .DXY.
Euro Gains Momentum
The Euro continues to gain positive momentum on the view that the European Central Bank is on the verge of a major policy shift after Mario Draghi hinted that likelihood earlier this month. Despite preliminary PMI data that generally missed forecasts, the common currency has been on solid ground this month and had earlier hit $1.1684, a 23-month peak. Currently, the EUR/USD is trading at $1.1658, down 0.02%.