United States dollar recovers after touching three-year lows

Dollar surges

Friday, lifted by the U.S. President: Donald Trump’s claims announcing that he wanted a strong dollar, which contradicts the U.S. Treasury Secretary: Steven Mnuchin’s earlier statements that weak dollar is needed, the United States dollar advances against its major currency rivals, hovers above its three-year low capped this week.

According to the dollar index, the greenback settled at 89.176, inching away from the currency’s three-year low of approximately 88.43 touched this week. Against the dollar’s Japanese counterpart, the greenback traded at 109.42 yen JPY=, which hovers above the dollar’s four-month low of 108.50 yen capped the previous day. Against the euro, the dollar settled at $1.2424, which was 0.2% lower from its previous close but inches away from the currency’s previous settlement.

In accordance to this, the dollar’s advancement was supported by the U.S. President’s claims, announcing in an interview with CNBC in Davos, Switzerland on Thursday that he wanted a robust dollar; in which investors and analysts mentioned that the U.S. President’s claims are likely to change the recent stance of the feeble dollar.

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