UNITED STATES (OBSERVATORY) – The dollar steadied near a two-week low against a basket of currencies on Wednesday as trade fears eased as markets waited for US inflation data to pick up the dollar in the near term.
The dollar index, which measures the strength of the currency against a basket of six major currencies, fell 0.1 percent to 89,472, approaching its low of 89.251 on March 28.
Chinese President Xi Jinping pledged on Tuesday to further liberalize the economy and reduce import duties on products including automobiles.
Xi’s remarks eased fears of a Sino-US trade war and renewed appetite for risk among currency investors linked to commodities and emerging markets.
The euro was up 0.2 percent at $ 1.2383, its strongest level since March 28.
The Russian ruble continued to fall on Wednesday, falling more than 1 percent against the dollar, bringing losses this week to about 12 percent amid a new wave of US sanctions.