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U.S. Dollar Rises, as Sterling, Turkish Lira Slump

4/3/2019, 3:08:39 PMTrading Strategies
U.S. Dollar Rises, as Sterling, Turkish Lira Slump

The greenback was higher on Tuesday, despite a slowdown in durable goods spending, while sterling and the Turkish lira fell amid political uncertainty.

The U.S. dollar index, which measures the dollar's strength against a basket of six major currencies, rose 0.3% to 97.045 as of 11:11 AM ET (15:11 GMT).

Durable goods orders fell for the first time in three months, adding to signs that the slowdown in the U.S. economy at the end of last year could extend. Meanwhile, the International Monetary Fund said it expects 70% of the global economy will experience a slowdown as growth across the world losses momentum.

The dollar fell against the safe-haven yen, with USD/JPY slipping 0.1% to 111.28.

Elsewhere, the Turkish lira was under pressure as Washington announced it was halting F-35 fighter jet delivers to Turkey. The lira has been volatile after local elections on Sunday, with President Recep Tayyip Erdogan’s ruling AK Party losing control of Istanbul and Ankara. USD/TRY jumped 2.8% to 5.6380.

Sterling slumped as Brexit uncertainty continues. Prime Minister Theresa May’s government ministers are racing to figure out next steps as the U.K. Parliament has rejected May’s EU Withdrawal Agreement three times and has failed to reach a consensus on any of the alternatives to May's deal. Meanwhile, a group of cross-party politicians are trying to garner enough support to get a bill passed in order to prevent a no-deal Brexit on April 12. GBP/USD was down 0.5% to 1.3032.

Elsewhere, USD/CAD rose 0.4% to 1.3362 and EUR/USD slipped 0.2% to 1.1191