Forex – Dollar holds onto modest gains with Brexit process in focus- SapForex24

The dollar held onto modest against other major currencies on Wednesday, still supported by the previous session’s strong U.S. data and as investors focuses on the official beginning of the Brexit process set for later in the day.

EUR/USD slipped 0.26% to 1.0785, the lowest since March 24.
The U.S. Consumer Board said its consumer confidence index rose to a nerly 17-year high of 125.6 in March from 116.1 the previous month, far above expectations of a reading of 114.

Market participants were looking ahead to U.S. data on pending home sales, due later in the day.

            FOREX MARKET NEWS-SAPFOREX24

The greenback was also boosted after Chicago Federal Bank President Charles Evans and Dallas Fed President Robert Kaplan on Monday suggested that the U.S. central bank will continue its monetary tightening cycle.

Elsewhere, GBP/USD was little changed at 1.2444, as investors awaited British Prime Minister Theresa May’s move later on Wednesday to trigger Article 50 of the Lisbon Treaty and formally begin the two year process of withdrawing from the EU.

USD/JPY edged down 0.10% to 111.07, while USD/CHF added 0.08% to 0.9934.
The Australian dollar was stronger, with AUD/USD up 0.29% at 0.7655 and with NZD/USD little changed at 0.7019.

Meanwhile, USD/CAD fell 0.16% to trade at 1.3362.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 99.67, the highest since last Friday.

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