WASHINGTON (dpa-AFX) - The U.S. dollar weakened against some of its counterparts on Tuesday with traders weighing the impact of the ongoing Russia-Ukraine war and the sanctions against Russia, including the ban on import of oil from the country, and lingering concerns about growth.
The proposal is expected to be presented next week, after an emergency summit of the EU in France due later this week.
Data released by the Commerce Department showed U.S. trade deficit widened to $89.7 billion in January from a revised $82.0 billion in December. Economists had expected the deficit to climb to $87.1 billion from the $80.7 billion originally reported for the previous month. With the bigger than expected increase, the trade deficit reached a new record high.
The wider trade deficit came as the value of imports jumped by 1.2% to $314.1 billion, while the value of exports tumbled by 1.7% to $224.4 billion.
The dollar index, which dropped to 98.71, retreating from a high of 99.42 it touched in the previous session, regained some lost ground subsequently but still remains in negative territory at 99.08, down 0.22%.
Against the Euro, the dollar is weaker by nearly 0.5% at $1.0908, easing from $1.0856. The euro climbed amid increased risk appetite, following a report that the European Union is planning to jointly issue bonds to fund energy and defense spending amid the crisis in Ukraine.
The dollar is trading at $1.3102 against Pound Sterling, little changed from the previous close of $1.3104. Earlier, the dollar weakened to $1.3144 from $1.3083.
The dollar is trading at 115.64 yen, firming from 115.33 yen a dollar.
Against the Aussie, the dollar is at $0.7272, gaining from $0.7317.
The Swiss franc is trading at 0.9287 a dollar, weakening from 0.9255.
The Loonie is down at 1.2885, drifting lower from 1.2821, despite sharply higher crude oil prices.
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