Greenback Stays at 3-Year Low

Forex News

The US dollar fluctuates around three-year lows against the basket of major currencies. US Treasury Secretary Steven Mnuchin gave the US dollar a strong impulse to decline last week, having expressed approval for a weak dollar. While President Donald Trump on the contrary stated that he prefers a strong dollar.

The US statistics also supported the further cheapening of the dollar. According to the data of the US Commerce Department, the real GDP growth of the country was 2.6% in annual terms in the fourth quarter of 2017, while analysts forecast the figure at 3%. Quarterly the country's economy grew by 3.2%.

The US currency is also declining on expectations that short-term interest rates will grow in other countries, as the European Central Bank and many others are beginning to gradually wind down their soft monetary policy. Against the yen, the dollar has fallen to the lowest level since mid-September, and this month it fell more than 3%.

Stock indices of the Asia-Pacific region are growing on Monday, increasing profits from the previous session, as investor sentiment was supported by sound corporate news about revenues and economic data, as well as rising crude oil prices. Oil is trading mixed in the world market today, after growth on news about the fall of the dollar. Brent crude oil was down by 0.18% to $70.39 per barrel, while the price of WTI crude oil grew by 0.26%, to $66.27 per barrel.