2019.08.2016:40:00UTC+00Dollar Loses Ground Ahead Of Fed Minutes

The U.S. dollar traded weak on Tuesday as treasury yields dropped and traders looked ahead to the minutes of the Federal Reserve's July meeting, and Jerome Powell's speech at the symposium in Jackson Hole later this week.

The dollar index eased to 98.12, edging down gradually after advancing to 98.45 in early trades. It was last seen hovering around 98.15, down 0.2% from previous close.

Against the euro, the dollar weakened to 1.1109 before edging up a bit to 1.1101, still down nearly 0.2%.

Against Pound Sterling, the greenback was down 0.35% at 1.2171, despite exhibiting some strength early on in the session.

The Japanese yen gained against the dollar, strengthening nearly 0.4% to 106.20 a dollar.

The Aussie gained 0.2% against the dollar, rising to 0.6778. The minutes of the Reserve Bank of Australia's meeting in August said the central bank would consider further monetary easing if needed to underpin sustainable growth and inflation. The minutes said the bank reviewed various unconventional policy loosening measures.

At the meeting, policymakers assessed it appropriate to view the developments in both global and domestic economies before cutting rates further, the minutes said Tuesday.

Against the loonie, the greenback was down marginally at 0.9779, and against Swiss franc, it lost nearly 0.4% at 0.9779.

Data from the Federal Customs Administration showed that Switzerland's exports dropped in July.

Exports dropped by real 1.8% on month in July, after a 2.5% rise in June. At the same time, imports dropped 0.5% following a 1.3% decline in June.