US dollar bounces amid weaker sterling, euro

New York: The US dollar rebounded on Tuesday, restoring some of its strength following previous slumps, as the British pound and the euro lost ground due to uncertainty over Brexit and downbeat economic data.

In late New York trading, the euro fell to $1.1442 from $1.1478 in the previous session, and the British pound decreased to $1.2719 from $1.2769 in the previous session, Xinhua news agency reported.

The Australian dollar was down to $0.7139 from $0.7142.

The US dollar bought 108.63 Japanese yen, higher than 108.60 Japanese yen of the previous session. The US dollar was up to 0.9812 Swiss franc from 0.9794 Swiss franc, and it fell to 1.3282 Canadian dollars from 1.3296 Canadian dollars.

The euro’s comparative value with the greenback extended a loss of over 0.31 per cent on Tuesday, as lawmakers started to debate Prime Minister Theresa May’s proposed Brexit deal.

May will still have to try hard to win over tough opponents, as the British parliament is scheduled to vote on her Brexit plan on January 15.

The euro has been weighed down by sluggish industrial output data of Germany, Europe’ s largest economy, raising concerns over a slowdown in the euro zone’s economic growth.

Industrial output fell by 1.9 per cent in November last year, the German Federal Statistics Office said on Tuesday, in opposite to previous market expectations of an 0.3-per cent increase and marking a third straight monthly fall.

The dollar index, which measures the greenback against six major peers, increased 0.25 per cent at 95.9044 in the late trading.