Yahoo Finance Forex- U.S. Dollar Eases From Earlier Gains
Investing.com - The dollar eased back from earlier highs on Wednesday, as the Bank of Canada left rates unchanged and the pound and euro recovered from earlier losses.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.00% to 89.29 by 11:02 AM ET (15:02 GMT).
The Bank of Canada (BoC) decided to keep its benchmark interest rate unchanged on Wednesday.
As expected, the BoC said it was holding its overnight cash rate steady at 1.25%. The central bank also noted that inflation remained close to 2% as temporary factors dissipated.
The loonie fell, with USD/CAD increasing 0.34% to 1.2595.
The dollar gained ground against the yen, with USD/JPY rising 0.21% to 107.23..
The euro rose from earlier losses, with EUR/USD up 0.05% to 1.2376. The euro had fallen earlier in the day after data showing that euro area inflation accelerated less than initially estimated last month.
Prices in the euro area rose by an annualized 1.3% in March, up from February’s 1.1%, but weaker than expectations for an increase of 1.4%.
The pound was lower after data showed that U.K inflation fell to 2.5% in March, the lowest in a year. GBP/USD fell 0.39% to 1.4232.
The Australian dollar was higher, with AUD/USD up 0.27% to 0.7788 while NZD/USD decreased 0.11% to 0.7333.
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