US dollar slumps amid Trump uncertainty

The US dollar declined against other major peers on Friday as uncertainties about whether Trump administration could continue to push its economic reform agenda weighed on the market.

The White House earlier this week pushed back against a new wave of media allegations that President Donald Trump might have tried to obstruct justice by asking then FBI Director James Comey to end a probe into former national security adviser Michael Flynn.

"The market is responding to the probability that tax reform, infrastructure spending, healthcare reform and trade deals might not occur," Xinhua quoted Brendan Ahern, CIO Krane Funds Advisors, as saying.

The dollar index, which measures the greenback against six major peers, was down 0.79 per cent at 97.105 in late trading, the lowest level since November 9, 2016, the day the US election results were announced.

In late New York trading, the euro rose to 1.1208 dollars from $1.1098 in the previous session, and the British pound climbed to $1.3035 from $1.2932 in the previous session.

The Australian dollar inched up to $0.7464 from $0.7417.

The US dollar bought 111.30 Japanese yen, lower than 111.55 yen of the previous session. The US dollar decreased to 0.9732 Swiss franc from 0.9806 Swiss franc, and it fell to 1.3516 Canadian dollars from 1.3616 Canadian dollars.

--IANS

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