FXpert

Russia will reduce the share of the U.S. dollar in its National Wealth Fund and is considering investing in other foreign currencies including the Chinese yuan, Deputy Finance Minister Vladimir Kolychev said on Wednesday.

The U.S. dollar was stable on Wednesday after consumer prices in October rose more than expected and Federal Reserve Chair Jerome Powell offered an optimistic outlook for the economy, further solidifying the case for the central bank to pause its monetary easing cycle.

Sterling inched down from a six-month high against the euro and was a touch softer against the dollar on Tuesday, as a boost from the Brexit Party's decision not to contest previously Conservative-held seats in Britain's upcoming election faded.

The dollar was little changed after U.S. President Donald Trump in a speech on Tuesday offered no new details on the state of the administration's trade war with China.

The pound jumped on Monday, hitting a six-month high versus the euro and posted its biggest daily rise in nearly a month against the greenback after the Brexit Party said it would not contest previously Conservative held seats in the UK's election.

The dollar rallied to a three-week high on Friday, getting some safe-haven bids, as risk appetite for higher-yielding currencies waned with renewed uncertainty about the rollback of existing tariffs, a major component of a preliminary U.S.-China trade deal.

Sterling edged lower on Friday and is poised for a weekly loss as investors await political developments ahead of Britain's Dec. 12 election.

Sterling fell to a two-week low on Thursday after two Bank of England officials unexpectedly voted to cut interest rates this month and others said they would consider a cut if global and Brexit headwinds did not lift.

Britain's pound hovered near a one-week low versus the dollar on Thursday as the market temporarily shifted its focus from next month's parliamentary election to a Bank of England policy meeting.