Dollar Drifts Lower Against Other Major Currencies
(RTTNews) - The U.S. dollar drifted lower on Monday as the Sterling gained in strength against other major currencies after the new British Finance Minister Jeremy Hunt announced that the government would withdraw almost all tax measures of economic plan to support fiscal sustainability.
The Chancellor announced that the basic rate of income tax would remain at 20% for the time being.
The plan to cut dividend tax by 1.25 percentage points from April 2023 has been scrapped.
The dollar index dropped to a low of 111.92 around noon, and was last seen hovering around 112.15, down more than 1% from the previous close.
Against Pound Sterling, the dollar weakened to $1.1356, easing from $1.1183.
The dollar is trading at $0.9389 against the Euro, dropping from $0.9722.
Against the Japanese currency, the dollar is stronger, fetching 149.05 yen a unit, compared to 148.75 yen a unit on Friday.
The dollar is trading at 0.6290 against the Aussie, weakening from 0.6202.
Against Swiss Franc, is weak, fetching CHF 0.9960, as against CHF 1.0054 on Friday.
The dollar, at C$1.3720, is weak against the loonie as well.
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