Dollar Under Pressure as EUR/USD Surges to 3-Week Highs By Investing.com

© Reuters.

Investing.com – The dollar traded lower against a basket of currencies on Tuesday pressured by a surge in the euro to three-week highs following better-than expected economic growth data from Germany while upbeat US wholesale inflation data failed to stem losses in the greenback.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.60% to 93.83.

The dollar struggled to pare losses as upbeat wholesale inflation failed to offset negative sentiment on greenback amid a surge in both the euro and sterling.

The Labor Department said on Tuesday its for final demand increased 0.4% last month. In the 12 months through October, the PPI rose 2.8% after rising 2.6% in September.

The stronger wholesale inflation report comes ahead of data slated for Wednesday.

The euro rose 0.93% to $1.1776 against the dollar, a three-week high, after preliminary data showed that Germany, the Eurozone’s largest economy, in third quarter of the year. That beat forecast of a 0.6% rise.

The sharp rise in German GDP spurred higher growth in broader Eurozone economy as initial estimates for third quarter economic growth showed the trading bloc .

Sterling, meanwhile, continued to trade higher against the greenback, despite a report showing both and for October undershot economist expectations.

rose 0.28% to $1.3154. The pair has traded in the low $1.30s for over a month, however, risks to the downside remained front and center amid .

rose 0.02% to C$1.2737 while fell 0.18% to Y113.41.

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