The dollar rose against the pound but dipped against the euro on Tuesday as Wall Street rebounded and investors waited for expected rate cuts from Europe later this week.
U.S. stocks jumped higher on Tuesday after a volatile session. The Dow Jones industrials rose 270 points, regaining more than a third of Monday's loss. High-yielding currencies were helped as rising stocks boosted risk appetite in foreign exchange trading.
The European Central Bank and the Bank of England will announce rate decisions on Thursday. The European Central Bank was expected to cut key rate by 50 basis points. The Bank of England could cut its rate by 100 basis points or more, analysts said.
The euro has fallen 10 percent against the dollar since the fall, while the pound has fallen by about 17 percent. The euro and the pound were expected to weaken further amid deterioration of European economy.
The euro bought 1.2697 dollars in late New York trading compared with 1.2672 dollars it bought late Monday. The pound fell to 1.4876 dollars from 1.4910 dollars.
The dollar rose to 1.2072 Swiss francs from 1.2028 Swiss francs, and fell to 93.22 Japanese yen from 93.40 Japanese yen.
Source: Xinhua
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