Dollar Edges Higher, But Still Near Multi-Month Low

By Ira Iosebashvili Features Dow Jones Newswires

The dollar edged higher Tuesday but remained near an almost seven-month low, weighed down by anemic economic data and political uncertainty in the U.S.

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The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.2% at 88.81, a day after hitting its lowest level since early November.

The measure is down around 4.4% for the year.

Some investors are locking in profits on the dollar's recent decline ahead of Wednesday's minutes from the Federal Reserve's most recent monetary policy meeting, said Joe Manimbo, a strategist at Western Union.

More broadly, "the dollar's bias has taken a turn for the worse," Mr. Manimbo said. "Until things settle down in Washington and the economy shows signs of accelerating from a first quarter slowdown, the dollar is likely to stay on a downward path."

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

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(END) Dow Jones Newswires

May 23, 2017 13:47 ET (17:47 GMT)