US Dollar Recovering From Its Lowest Level in Seven Weeks

The dollar recovered from its lowest level in seven weeks, receiving some support after hopes for a fiscal stimulus package in the United States before the November elections collapsed.

Progress towards a stimulus agreement in the United States was supporting sentiment in global markets and raising demand for riskier assets in previous sessions, which put pressure on the safe-haven dollar, which tends to decline when risk appetite increases.

In early London trading, the dollar index was marginally lower against a basket of currencies at 92.612, but it consolidated above its lowest levels since September 2nd.

The euro fell 0.16 to $ 1.1842, below its one-month high of 1.18805, which it hit on Wednesday.

The Japanese yen diverged significantly from the four-week high it reached yesterday at 104.345 against the US currency, to be in the latest transactions at 104.74.

In a slight change from the previous session, the British Pound was at $ 1.3145 in the most recent trade.

The Australian dollar fell 0.1% against the US currency, while the New Zealand dollar rose slightly to 0.6664 dollars, up from 0.6551, which it touched on Tuesday.

The Chinese yuan was down in the latest foreign trade by about five percentage points at 6.6548 against the dollar.