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October 11, 2018

Dollar rally pauses

Business

October 11, 2018

TOKYO: The dollar slipped further from seven-week highs on Wednesday although underlying support for the greenback remained strong amid a confluence of factors, including a strong U.S. economy and a steady path for rate hikes by the Federal Reserve.

The dollar index was largely unchanged at 95.575, not far off 96.163 reached during the previous session - its highest level since Aug. 20. “There seems to be a bit of exhaustion on the part of the foreign exchange market,” said Bart Wakabayashi of State Street Bank. —Reuters

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