Dollar Mostly Subdued Against Rivals

The U.S. dollar edged lower Wednesday late afternoon after staying slightly positive for much of the session amid continued uncertainty about Brexit and expectations of an interest rate cut by the Federal Reserve after its next policy meeting.

The dollar index, which rose to 97.65 in the European session, dropped down to a low of 97.42 in late afternoon trades and was last seen at 97.47, down 0.05% from previous close.

Against the Euro, the dollar was slightly weak at 1.1132 after having strengthened to 1.1107 earlier in the day.

Eurozone consumer confidence weakened more-than-expected in October to its lowest level in 10 months, preliminary data from the European Commission showed on Wednesday.

The flash consumer confidence index fell to -7.6 from -6.5 in September. Economists had forecast a score of -6.7. The latest reading was the lowest since December, when it was -7.8.

The EU consumer confidence index shed 0.9 points to reach -7.3 in October.

The Sterling was up more than 0.3% at $1.2914, slightly off the day’s high of $1.2922. On Tuesday, U.K. lawmakers supported the prime minister’s deal to withdraw the U.K. from the EU, but then rejected a limited time frame for reviewing the legislation related to Brexit.

Following this, Boris Johnson has vowed to push for an election if EU leaders sanction a Brexit extension of up to three months.

The Japanese Yen weakened to 108.69 a dollar, after hovering around 108.30 in the Asian session.

The Canadian currency loonie was up at $1.3072, gaining about 0.18%, after staying flat around the time the data on Canadian wholesale sales was released.

The Aussie was flat with the Aussie-Dollar pair at 0.6584. Against Swiss franc, the dollar was gaining about 0.13% at 0.9908.

The material has been provided by InstaForex Company – www.instaforex.com