Prime News: Dollar on Defensive over Health Care Bill Setback

The dollar was on the defensive on Wednesday after tumbling to a 10-month low against a currency basket as Republican failure to proceed with a stalled U.S. healthcare bill raised fears regarding the rest of President Donald Trump’s economic agenda.

Efforts of Republicans to overhaul or repeal Obamacare in the U.S. Senate has jolted financial markets and fueled doubts on chances of getting Trump’s reform plans through a divided Congress.

Expectations that the Federal Reserve will show a more cautious tone about hiking interest rates also added pressure on the greenback.

The dollar index was marginally higher by 0.1 percent to 94.694 after dropping as low as 94.476 on Tuesday, its lowest level since September 2016.

The euro was firm on the day at $1.1549, after climbing as high as $1.1583 the previous day, its highest since May 2016.

The dollar edged down 0.1 percent on the day to 111.950 yen, below its almost four-month peak of 114.495 reached the previous week. It dropped as low as 111.685 on Tuesday, its lowest since June 27.

The material has been provided by InstaForex Company – www.instaforex.com

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