Dollar uptrend halted before Fed meeting By Reuters

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© Reuters. 100 dollar bills at an exchange in the Lebanese capital, Beirut, on March 23, 2021. Reuters

LONDON (Reuters) – The dollar’s rally towards a 3-1/2-month high was halted on Tuesday as risk appetite weakened, while the Australian dollar struggled with further tightening of regulation in China.

Recorded 92.73, close to the highest level since early April, 93.19, which was recorded on July 21.

The dollar has risen more than 4 percent from its 2021 low of less than 90, the level it fell to in late May, as yields slumped, forcing investors to reduce bets on the dollar on the dollar’s decline.

In early trading in Europe on Tuesday, it was trading at $1.1780, close to its lowest level since early April at $1.1752 recorded last week.

The Australian dollar settled at $0.7382, while the New Zealand dollar was unchanged and recorded around $0.7000.

The pound rose above the 20-day moving average and approached a week’s peak at $1.3827, as early data appeared to show a rise in Covid-19 cases in Britain after many restrictions were lifted last week.

(Prepared by Hala Kandil for the Arab Newsletter; Editing by Ahmed Elhamy)

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