U.S. Dollar Extending Yesterday's Significant Pullback
(RTTNews) - The value of the U.S. dollar has moved to the downside over the course of trading on Thursday, extending the sharp pullback seen in the previous session.
The U.S. dollar index regained ground in overnight trading, rising as high as 113.79 but is currently down 0.46 points or 0.4 percent at 112.15.
The greenback is trading at 144.46 yen versus the 144.16 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $0.9801 compared to yesterday's $0.9735.
The extended weakness in the value of the dollar comes as the British pound is rebounding following news of the Bank of England's bond market intervention.
"The dollar is finishing up an outstanding quarter on some weakness as the British pound rallies as the BOE signals they will need to deliver a significant response to the government's tax cut plan," said Edward Moya, senior market analyst at OANDA.
He added, "The move in the dollar going into quarter-end will likely see some profit-taking and rebalancing that could trigger more softness over the next 24 hours."
The decrease in the value of the buck also comes after a report from Reuters said China's central bank has asked major state-owned banks to be prepared to sell dollars for the local yuan in offshore markets.
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