After healthcare bill collapse, US dollar hits 10-month low

July 18, 2017 15:55
Breaking news

Breaking news. (photo credit: JPOST STAFF)

The US dollar sank to a 10-month low against a basket of major currencies on Tuesday, as the collapse of President Donald Trump's latest healthcare bill eroded confidence in his ability to legislate to boost growth.

The Australian dollar was by far the biggest beneficiary, jumping 1.8 percent to more than two-year highs after minutes from a Reserve Bank policy meeting showed it turning more upbeat on the economy.

In four weeks dominated by doubts over the Federal Reserve's ability to raise interest rates further, and signs that other major central banks are finally turning more hawkish, the dollar is now down more than 3 percent.

The exchange rate with the Israeli shekel now sits at 2.8:1.

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