USD Stays Firm Despite Global Stocks Tumble

Forex News

The US dollar remains stable versus major currencies, despite a fall in US stocks overnight. The dollar index, which tracks the greenback against a basket of other currencies, fell by 0.03% to 96.67. The safe-haven Japanese yen traded slightly lower against the USD, with the USD/JPY pair trading at 113.00, up 0.05%.

Meanwhile, the GBP/USD pair was little changed at 1.2793 and traders expect the pound to trade sideways until the market gets more clarity on progress in the Brexit deal.

Broad losses by the world's largest technology companies pulled US indexes lower on Tuesday. The Dow Jones Industrial Average (Dow) plunged 551.80 points to close at 24,465.64 while the S&P 500 lost 1.8% to finish the trading day stateside at 2,641.89. The Nasdaq Composite lost 1.7% and traded at 6,908.82 on Tuesday. The Dow and the S&P 500 erased their gains for 2018 and are now down 1.0% and 1.2% respectively for the year.