The US dollar is tumbling

Markets Insider

The dollar is dipping again.

The US dollar index is down by 0.4% at 101.17 as of 7:36 a.m. ET.

"The consolidative tone for the dollar that began last week continues," wrote Marc Chandler, global head of currency strategy, at Brown Brothers Harriman.

"It has been unable to make much headway this week, except against the yen, despite stronger data and higher yields."

This follows a strong showing in November, when the greenback advanced against most major currencies following Donald Trump's election.

As for the rest of the world, here's the scoreboard as of 7:40 a.m. ET:

  • The British pound is up by 1.1% at 1.2640 against the dollar after David Davis, the Brexit minister told the House of Commons that Britain would consider making payments to the European Union post-Brexit in order to retain access to the single market. Separately, British manufacturing PMI came in at 53.4 for November, below expectations of 54.5.
  • The Russian ruble is up by 0.5% at 63.8265 per dollar as oil prices continue to climb on the heels of Wednesday's OPEC deal. Brent crude oil, the international benchmark, is up by 1.6% at $52.56 per barrel, while WTI crude oil, the US benchmark, is up 1.4% at $50.16 per barrel. Separately, Russian Markit manufacturing PMI came in at 53.6, above the prior month's 52.4.
  • The euro is up by 0.3% at 1.0623 against the dollar. Earlier, German manufacturing PMI came in at 54.3 in November, below expectations of 54.4.
  • The Japanese yen is little changed at 114.41 per dollar.

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