Forex – U.S. Dollar Pares Back Gains, Still Near 16-Month High

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Investing.com – The dollar was lower on Tuesday, but still remained near a 16-month high in anticipation of Federal Reserve rate hikes.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.29% to 97.10 as of 10:54 AM ET (15:54 GMT), but remained near Monday’s high of 97.52.

The greenback continued to push higher amid expectations that the Federal Reserve will raise rates in December and beyond, as the U.S. economy gains strength.

Meanwhile trade tensions eased, amid news that China’s trade negotiator could head to Washington ahead of a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Argentina later this month. White House economic adviser Larry Kudlow confirmed that the two countries were in talks on Tuesday, saying negotiations were “very positive,” Reuters reported.

Read more at : https://www.investing.com/news/forex-news/forex–us-dollar-pares-back-gains-still-near-16month-high-1686232

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