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U.S. Dollar Continues to Hold, While Euro Falls

10/10/2018, 10:27:06 AMBasics of Trading
U.S. Dollar Continues to Hold, While Euro Falls

The U.S. dollar was higher while the euro was lower as concerns over Italy’s budget plan worried investors.
EUR/USD was down 0.43% to 1.1473 as of 10:59 AM ET (14:59 AM GMT), falling back towards last week’s one-and-a-half month lows of 1.1463.
The euro extended losses after Italy's Deputy Prime Minister Matteo Salvini said that European Commission President Jean-Claude Juncker and Economic Affairs Commissioner Pierre Moscovici are the real enemies of Europe.
Brussels and Rome have been at odds over the country's budget deficit plans for the next three years, which breach EC rules on running excessive deficits and high debt.
But Italy insisted on Saturday it would "not retreat" from its spending plans.
Traders were unphased by reports that the U.S. Treasury is concerned about Chinese currency manipulation. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, surged 0.24% to 95.54.
Expectations of future Federal Reserve rate hikes helped push the greenback higher, as the yield on the benchmark 10-year Treasury note jumped to 3.227% last week, its highest level since 2011.
Meanwhile the pound was lower as uncertainty over Brexit and the Irish border spooked investors. The European Union plans to offer the UK "anywhere" checks, meaning exports would be checked at the source instead of a port, eliminating the need for a hard border. GBP/USD fell 0.37% to 1.3068.
The dollar slid lower against the yen, with USD/JPY down 0.52% to 113.12.
The Australian dollar was higher, with AUD/USD up 0.21% to 0.7068, while NZD/USD was flat at 0.6443 and USD/CAD increased 0.26% to 1.2972.