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Barchart
Barchart
Rich Asplund

Dollar Sips as Euro Recovers on Lagarde Comments

The dollar index (DXY00) today is down by -0.02%.  The dollar gave up an overnight advance and turned lower after upbeat comments from ECB President Lagarde pushed the euro higher and weighed on the dollar.  The ongoing shutdown of the US government is bearish for the dollar.  The longer the shutdown is maintained, the more likely the US economy will suffer, a negative factor for the dollar. 

The dollar initially moved higher today on a flight to safety as stocks slumped due to the escalation of US-China trade tensions.  Additionally, weakness in the British pound is benefiting the dollar today after weak UK labor news pushed GBP/USD down to a two-month low. 

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