The U.S. dollar softened against its major rivals early Tuesday, notably against the Japanese yen, as stocks saw renewed weakness after a two-day rebound.
What are currencies doing?
Extending earlier losses, the ICE U.S. Dollar Index DXY, -0.48% which measures the currency against six main rivals, fell 0.5% to 89.759. The index saw its best weekly gain since December 2016 last week, as U.S. equities suffered their worst weekly pullback since that same year. The broader WSJ U.S. Dollar Index BUXX, -0.47% fell 0.3% on Tuesday to 83.76.
The dollar declined sharply against the Japanese yen USDJPY, -1.07% USDJPY, -1.07%One dollar bought ¥107.71 versus ¥108.65 late Monday. The greenback also dropped against the Swiss franc USDCHF, -0.6174% falling to 0.9348 against 0.9394 late Monday in New York.
The yen and franc each gained last week as investors sought out safety from volatile stock markets. Those currencies are considered havens by some in times of economic and financial upheaval.