Forex – Dollar pushes higher as U.S. political woes subside-SapForex24

The dollar pushed higher against other major currencies on Friday, as former FBI director James Comey’s highly-anticipated testimony did little to rattle markets and as investors awaited the final results of the U.K. election.

EUR/USD slipped 0.25% to 1.1183, the lowest since May 31.

Comey accused President Donald Trump of firing him to try to undermine his investigation into possible collusion by the Trump campaign team with Russia’s alleged efforts to influence the 2016 presidential election.

Meanwhile, the euro remained vulnerable after the European Central Bank on Thursday cut its forecast for inflation this year to 1.5%, down from 1.7% in March.
The forecast came after the central bank left interest rates unchanged in a widely expected move.

        Forex and Comex Market Updates-sapForex24

GBP/USD was down 0.91% at a two-month low of 1.2712 as U.K. Prime Minister Theresa May’s Conservative Party lost its parliamentary majority in Thursday’s general election, potentially disrupting Brexit negotiations.

May faced calls to leave the government on Friday after the election left no single party with a clear claim to power just 10 days ahead of the start of Brexit negotiations.

Earlier Friday, the U.K. Office for National Statistics said manufacturing production increased by 0.2% in April, disappointing expectations for a gain of 0.9%. Year-on-year, manufacturing production was flat in April.

The report also showed that industrial production gained 0.2% in April, below forecasts for a 0.8% increase.

USD/JPY advanced 0.42% to 110.35, while USD/CHF gained 0.43% to trade at 0.9715.

The Australian dollar was weaker, with AUD/USD down 0.16% at 0.7537, while NZD/USD held steady at 0.7210.

Meanwhile, USD/CAD was little changed at 1.3505.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.45% at 97.39, the highest since May 30.

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