Currencies: Dollar index pulls back from 4-month high

A closely followed U.S. dollar index gave back some ground after touching a fresh 4-month high the previous day as investors reacted to President Donald Trump’s decision on Tuesday to withdraw from a multilateral nuclear pact with Iran.

Currency investors also weighed U.S. data that could offer hints on inflation and economic activity, further helping solidify the Federal Reserve’s monetary policy strategy.

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What are currencies doing?

The ICE U.S. Dollar Index DXY, -0.05% which measures the buck against a half-dozen counterparts, came back after spending the morning in negative territory edged lower to 93.0540, compared with 93.112 representing Tuesday, its highest level since late December as the buck has mostly staged a multiweek uptrend.

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