Forex News The dollar advanced across the board Tuesday as swooning oil prices led investors to adjust positions in favor of the U.S. currency. The greenback got an initial boost early in New York trading when Philadelphia Fed President Charles Plosser warned inflationary pressures are "too high", hinting at an interest rate hike. Lower prices for oil then extended the buck's rally as stop-loss orders were tripped. However, the dollar ran out of momentum during the afternoon session and yielded some of its intraday gains, but stayed above Y107 while the euro remained below $1.58. Tuesday afternoon in New York, the euro was at $1.5778 from $1.5898 late Monday. The dollar was at Y107.25 from Y106.72, while the euro was at Y169.27 from Y169.67, according to EBS. The U.K. pound was at $1.9910 from $1.9990, and the dollar was at CHF1.0310 from CHF1.0202 late Monday.
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