The US dollar was trading broadly lower today after US President Donald Trump appeared in the center of yet another scandal. Mixed macroeconomic indicators were of little help to the besieged currency.
Some US officials claimed that Trump leaked sensitive intelligence data to Russia. The President defended his actions, saying he has an “absolute right” to share information that may help to fight terrorism. Yet coupled with allegations of Russian interference in the US Presidential elections and the recent controversial firing of FBI Director James Comey, the news made market participants feel doubts if Trump will be able to last his first term, let alone implement promised fiscal reforms.
US economic reports released over the Tuesday’s session were mixed, with housing data being unexpectedly soft and hurting the already vulnerable dollar. On the other hand, industrial production and the capacity utilization rate exceeded expectations, helping the greenback to pause the decline, but they unable to initiate a rally.
EUR/USD rallied from 1.0974 to 1.1071 as of 14:33 GMT today, though it backed off from the daily high of 1.1088. GBP/USD was up from 1.2891 to 1.2957 but retreated to trade at 1.2897 later. USD/CHF slumped from 0.9963 to 0.9882.
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