Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar drifted lower on Tuesday, due largely to profit taking after recent gains. Traders also awaited speeches from several Fed officials.
The dollar index dropped to 104.14, down from the previous close of 104.45.
Against the Euro, the dollar eased to 1.0756, losing marginal ground. The dollar weakened to 1.2599 a unit of Sterling, losing from 1.2535.
Against the Japanese currency, the dollar weakened, fetching 147.90 yen a unit, down from Monday's close of 148.68 yen a unit.
The dollar dropped against the Aussie to 0.6524. The Aussie gained as the Reserve Bank of Australia kept interest rates steady, as widely expected. Meanwhile, the central bank signals more rate hikes if inflation remain in the target range.
The policy board of the RBA, governed by Michele Bullock, decided to maintain the cash rate target at 4.35%. The RBA board also maintained the interest rate paid on exchange settlement balances at 4.25%.
The Swiss franc gained marginally against the dollar, firming to CHF 0.8697 from CHF 0.8707. The Loonie strengthened to 1.3492 a U.S. dollar.
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