The U.S. dollar turned in a mixed performance against its major counterparts on Wednesday.
The minutes of the Federal Reserve’s latest policy meeting, economic data from around the world and the recent upward revision in global growth projections by the International Monetary Fund impacted the movements of the major currencies.
A report from the Commerce Department showed U.S. trade deficit widened to $71.1 billion in February from a revised $67.8 billion in January. Economists had expected the deficit to widen to $70.5 billion from the $68.2 billion originally reported for the previous month.
The wider deficit came as the value of exports tumbled by 2.6% to $187.3 billion, while the value of imports slid by 0.7% to $258.3 billion.
The minutes from the Federal Reserve’s latest monetary policy meeting indicated the central bank is unlikely to change its ultra-loose monetary policy anytime soon.
Participants in the March meeting acknowledged the improvement in the medium-term outlook for real GDP growth and employment but continued to see the uncertainty surrounding that outlook as elevated.
The minutes showed most participants still viewed the coronavirus pandemic as posing considerable risks to the economic outlook.
The dollar index slid to 92.14 around mid morning, but rebounded well to hit a high at 92.50 later on in the day. It was last seen at 92.42, up nearly 0.1% from previous close.
Against the Euro, the dollar was roughly flat at $1.1871 a little while ago, after having weakened to $1.1916 earlier in the day.
The Pound Sterling was weaker, fetching $1.3735 a unit, about 0.65% less than the $1.3825 it fetched late Tuesday.
The Aussie was weaker against the dollar with the AUD-USD pair at 0.7612, compared to 0.7664 on Tuesday.
The Swiss franc was at 0.9297 a dollar, firming up from 0.9309, while the Loonie was at 1.2608 a dollar, easing from 1.2566.
Data from Statistics Canada showed that Canada’s merchandise trade surplus fell in February.
The trade surplus dropped to C$1.04 billion in February from a revised C$1.21 billion in the previous month.
The material has been provided by InstaForex Company – www.instaforex.com
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