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Dollar Hits Worst level Over Trump’s Travel Ban

The U.S. dollar, on Tuesday, January 31, headed for its worst start to a year in over a decade on, after widespread protests against President Donald Trump’s stringent curbs on travel to the United States.

The dollar lost more ground against a basket of six major currencies .DXY on Tuesday, on track for a slump of over 2 percent this month – its worst start to the year since 2006.

The dollar lost more ground against a basket of six major currencies .DXY on Tuesday, on track for a slump of over 2 percent this month – its worst start to the year since 2006.

Against the safe haven yen, the dollar slipped to 113.28 yen JPY=, set for a fall of over 3 percent this month, Reuters reports.

In other currencies, the euro EUR= edged up to $1.0756 against the U.S. dollar after Trump’s trade adviser told the Financial Times that Germany was benefiting from a “grossly undervalued” exchange rate. It has bounced back from a 14-year low of $1.0340 set on Jan. 3. “We sense the strong U.S. dollar policy is over, a thing of the past,” said Mizuho’s head of hedge fund FX sales, Neil Jones. “Recent U.S. concern over a strong U.S. dollar versus China is now feeding into the euro zone with the comment on an undervalued euro.”

The British pound GBP=D4 fell by almost a full cent after weaker than expected data on consumer credit added to a handful of tentative signs that the UK economy may finally be slowing on the back of last year’s Brexit vote.

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