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Forex - Dollar Pares Gains as Flynn 'Prepared to Testify' Against Trump

Published 2017-12-01, 01:14 p/m
Updated 2017-12-01, 01:21 p/m

Investing.com – The dollar pared gains against a basket of currencies on Friday amid reports that former national security advisor Michael Flynn was “prepared to testify” against President Donald Trump as part of an investigation into Russia’s involved in the presidential election.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.20% at 92.78.

Flynn is prepared to testify that President Donald Trump directed him to make contact with Russians when he was a presidential candidate, ABC News reported.

Earlier Friday, Flynn admitted lying to the FBI over his links to Russia and agreed to share information about a “very senior” official as part of a plea deal.

The dollar turned negative on the reports amid a surge in demand for safe-haven currencies such as the yen and Swiss franc.

USD/JPY fell 0.52% to Y111.95, while the USD/CHF fell 0.87% to 0.9750

The risk-off trade offset mixed economic data showing constructing spending rose, while manufacturing undershot expectations.

ISM manufacturing PMI for November cooled to 58.2 from 58.7 in October, missing expectations of a reading of 58.4, while construction spending for October rose 1.4%, well above economists’ forecast of 0.5%.

The economic data came as market participants awaited the final vote on the Senate Republican tax bill due Friday as Republican leaders scrambled to make last-ditch changes to their bill following concerns over funding for the bill.

Sterling, meanwhile, gave up some its recent gains against the greenback falling to $1.3501.

EUR/USD added 0.03% to $1.1906, while EUR/GBP rose 0.31% to £0.8821 amid upbeat Eurozone manufacturing PMIs.

USD/CAD fell 1.39% following Canadian GDP data that topped forecasts.

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