The dollar has officially given up all its post-election gains.
The US dollar index is little changed at 97.62 as of 8:01 a.m. ET on Thursday.
The index closed at 97.861 on November 8, the day of the US presidential election.
Still, the dollar appears to be taking a breather on Thursday after weakening on Wednesday.
“Yesterday’s dramatic response to the political maelstrom in Washington is over. The appointment of a special counsel to head up the FBI’s investigation into Russia’s attempt to influence the US election appears to have acted a circuit breaker of sorts,” Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said.
“It is not sufficient to boost confidence that the Trump Administration’s economic program is back [on] the front burners, but it is sufficient to stem the time for the moment.”
The greenback climbed to a 13-year high after US President Donald Trump won the election in early November, and hit 103.01 in December. At least part of that appreciation was attributed to markets reacting to Trump’s proposed fiscal policy initiatives. However, the index has been slowly giving up those gains over the last few months.
As for the rest of the world, here’s the scoreboard as 8:08 a.m. ET:
- The euro is lower by 0.3% at 1.1126 against the dollar.
- The British pound is up by 0.5% at 1.3034 against the dollar.
- The Japanese yen is stronger by 0.2% at 110.66 per dollar.
- The Russian ruble is down 1.6% at 57.9887 per dollar.
More from Elena Holodny:
- The dollar has erased nearly all its post-election gains
- The Japanese yen is climbing as global markets go in risk-off mode
- The dollar is sinking on reports Trump shared classified information with Russia
- The ruble is surging after Russia and Saudi Arabia back longer production cuts
- Politics matters for economics — but maybe not in the way you think
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