USD Weaker as Political Uncertainty High

The U.S. dollar on Thursday weakened against the Japanese yen and the pound amid heightened uncertainty about the future of the health-care legislation.

U.S. legislators in the House are scheduled to vote on repealing and replacing the Affordable Care Act, known as Obamacare, later today, but may decide to postpone the vote if not enough Republicans support the bill. Investors are also focusing on Federal Reserve Chairwoman Janet Yellen’s speech, hoping for any clues about the future of the rate increases.

The ICE Dollar Index DXY, +0.04%  was marginally higher at 99.70, near its lowest level in seven weeks.

Against the yen, the greenback fell to the lowest level in more than four months, trading at ¥110.69, down 0.5% from ¥111.17 late Wednesday in New York.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza