Forex Market Update : Epic Research Singapore

The U.S. dollar weakened Tuesday against the euro, pound and commodity-linked rivals like the Canadian dollar as oil prices rose and weak housing data dialed back expectations for the pace of Federal Reserve interest rate hikes.

The ICE U.S. Dollar index DXY, -0.08% a measure of the buck’s strength against a basket of six rival currencies, fell 0.6% to 93.9480. The euro EURUSD, +0.1321%  traded at $1.1379 late Tuesday in New York, compared with $1.1310 late Monday.

The dollar USDCAD, +0.2684%  weakened C$1.2638 late Tuesday, its weakest level against its Canadian rival since July. By comparison, it traded at C$1.2789 late Monday.

One dollar USDJPY, -0.20%  bought ¥109.11 late Tuesday in New York, compared with ¥108.95 late Monday.

Higher oil prices also boosted resource currencies like the Australian AUDUSD, -0.2943%  and New Zealand dollars NZDUSD, -0.3407%

The Colombian peso COPUSD, +0.070055%  was one notable outperformer in the commodity space, rising 2.4% to 2,899 pesos to the dollar, from 2,970 late Monday in New York.

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