WASHINGTON (dpa-AFX) - The U.S. dollar exhibited weakness against its peers on Tuesday, with the British Pound Sterling leading the charge, scoring notable gains amid reports there could be delays on Brexit.
According to reports, a second referendum looks very likely. British Prime Minister Theresa May said a vote on her Brexit deal would be held on March 12. In the event of the deal getting rejected again, there will be a vote on a no-deal Brexit in Parliament on March 13, and if that fails, the lawmakers would then vote on March 14 to see if article 50 could be extended beyond the March 29 deadline.
The Sterling was gaining about 1.2% at $1.3254, rising from $1,3102.
The greenback shed ground against the Euro as well, weakening to 1.1393 an Euro, losing about 0.3%, after advancing to 1.1346 earlier in the day.
The Japanese Yen gained against the U.S. dollar, strengthening to 110.57 after opening at 111.06 yen a dollar. The dollar rose to its highest level since late December, as it advanced to 111.08, but retreated as the session progressed.
Canadian dollar loonie and the Chess Franc are also up against the dollar, gaining 0.13% and 0.07%, respectively, with the USD/CAD and USD/CHF pairs trading at 1.3171 and 0.9999, respectively.
The dollar index was lower by about 0.38% at 96.04, easing from 96.46 it had touched a little before noon.
Testifying before the Senate Banking Committee today, the Federal Reserve Chairman Powell said the Fed continues to view economic conditions as healthy and the economic outlook as favorable but noted there have been some crosscurrents and conflicting signals over the past few months.
Powell pointed toward volatility in the financial markets, slowing growth in China and Europe, and uncertainty about Brexit and the U.S.-China trade talks.
Powell highlighted the Fed's recent 'patient approach' to raising interest rates and stressed future policy decisions will be data dependent and take into account new information as economic conditions and the outlook evolve.
In economic news, a report from the Conference Board showed a substantial rebound in consumer confidence in the month of February.
The Conference Board said its consumer confidence index jumped to 131.4 in February after falling to 121.7 in January. Economists had expected the index to rise to 125.0.
A separate report from the Commerce Department showed housing starts plunged to a two-year low in December.
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