Forex – Dollar index turns lower in choppy trade

Dollar erases gains vs. other majorsDollar erases gains vs. other majors – The dollar index turned lower against other major currencies in choppy trade on Wednesday, as investors awaited the release of U.S. housing sector data later in the day and, more importantly, a key U.S. employment report due at the end of the week.

gained 0.30% to 1.1219, off session lows of 1.1165.

The greenback has been under pressure in recent weeks amid fears investigations into President Donald Trump’s ties with Russia could hamper his administration’s progress on promised stimulus measures.

Market participants were already eyeing Friday’s nonfarm payrolls report for further indications on the strength of the U.S. job market, which could give additional clues on whether or not the Federal Reserve will hike rates at its June policy meeting.

In the euro zone, Eurostat earlier reported that rose by 1.4% in May, below expectations for an increase of 1.5% and following a final reading of a 1.9% advance in the prior month.

was down 0.14% at 1.2740 after that British Prime Minister Theresa May’s Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats

The news came after a string of opinion polls showed a narrowing lead for May’s Conservatives.

Data showed that fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

held steady at 110.91, while slid 0.36% to trade at 0.9712.

The Australian dollar was weaker, with down 0.20% at 0.7451, while was little changed at 0.7101.

Data earlier showed that remained unchanged at 51.2 in May, confounding expectations for a downtick to 51.0.

China is Australia’s biggest export partner.

Meanwhile, held steady at 1.3467.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% at 97.04, the lowest since May 26.

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