Dollar off lows as us services sector growth returns by investing.com dollar to yen exchange rate today

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Investing.com – The dollar recovered from session lows against a basket of major currencies on Wednesday, as geopolitical tensions in the Korean peninsula eased while data showing U.S. services sector growth rebounded in August lifted sentiment.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.14% to 92.16.

The dollar pared some of its losses against safe-haven currencies like the yen and the Swiss franc, as data showed US services sector grew in August which lifted sentiment on the greenback amid ongoing geopolitical tensions.

The positive services sector data comes amid continued geopolitical tensions after South Korean President Moon Jae-in warned that the crisis on the Korean Peninsula risks becoming “uncontrollable” in the wake of North Korea’s nuclear test on Sunday.


The dollar has come under pressure as expectations of a rate hike later this year continued to fade amid dovish comments from Fed officials earlier this week.

Minneapolis Federal Reserve Bank President Neel Kashkari said the Federal Reserve’s recent interest rate hikes may be slowing inflation and inflicting “real harm” on U.S. economic growth.

Kashhkari comments came a few hours after Federal Reserve Governor Lael Brainard urged the U.S. central bank to delay raising interest rates until the trend of slowing inflation improved.

Meanwhile in Canada, a surprise interest rate increase fuelled a sharp move higher in the loonie, which limited gains in the greenback dow jones futures exchange. The Bank of Canada raised its benchmark rate to 1% from 0.75%.

EUR/USD tacked on 0.06% to $1.1920 while EUR/GBP fell 0.02% to £0.9140, a day of an eagerly anticipated European Central Bank interest rate decision.

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