Dollar hits fresh 5-week lows vs. other majors
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The dollar fell to fresh five-week lows against the other major currencies on Tuesday, following news of additional stimulus measures in Japan and as lower expectations for a U.S. rate hike before the end of the year weighed. USD/JPY dropped 0.64% to trade at 101.76, the lowest since July 11.
The yen strengthened after Japanese Prime Minister Shinzo Abe's cabinet announced a fresh stimulus package on Tuesday, as part of efforts to boost the economy.
The package includes ¥13.5 trillion in fiscal measures, while actual new, direct spending will total about ¥7.5 trillion, most of it over the next two years. Meanwhile, the dollar remained under pressure after data on Friday showed a 1.2% U.S. annualized growth rate, well below expectations for 2.6%.
| Currency Market Update | ||||
| 02-08-2016 18:40 | ||||
| EURUSD | : | Trend | - | Up |
| GBPUSD | : | Trend | - | UP |
| USDCHF | : | Trend | - | Down |
| USDCAD | : | Trend | - | Down |
| AUDUSD | : | Trend | - | UP |
| EURGBP | : | Trend | - | Down |
| EURAUD | : | Trend | - | Down |
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The dollar fell to fresh five-week lows against the other major currencies on Tuesday, following news of additional stimulus measures in Japan and as lower expectations for a U.S. rate hike before the end of the year weighed. USD/JPY dropped 0.64% to trade at 101.76, the lowest since July 11.
The yen strengthened after Japanese Prime Minister Shinzo Abe's cabinet announced a fresh stimulus package on Tuesday, as part of efforts to boost the economy.
The package includes ¥13.5 trillion in fiscal measures, while actual new, direct spending will total about ¥7.5 trillion, most of it over the next two years. Meanwhile, the dollar remained under pressure after data on Friday showed a 1.2% U.S. annualized growth rate, well below expectations for 2.6%.