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Dollar Index Up a Modest 0.16% as North Korean Missile Tests Spark Fears in Investors

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The dollar index is up just 0.16% in early-morning trade on Wednesday, as investor fears rise on a recent North Korean missile test yesterday. The successful missile test of an unidentified ballistic missile raised red flags, as Tokyo protested the missile test that landed in the Sea of Japan and called the test a “violation of UN resolutions.”

The test caused the USD/JPY to rise 0.05 on Wednesday after an initial surge that pushed the currency pairing up 0.22%.

EUR/USD fell to a one-week low on Wednesday, slipping 0.18% after Benoit Coeure, European Central Bank Executive Board member, said that the council had not been in policy change discussions. The pairing is trading at 1.1330.

The currency pairing rose to 14-month highs last week, as ECB President Mario Draghi signaled a potential scaling back of the ECB’s stimulus program.

Data out of the United Kingdon shows that the country’s service purchasing managers’ index slipped 0.04 points from last week to hit 53.4. Analysts were expecting the index to fall to 53.5. The country’s service sector has also slowed to its lowest level in four months in June. Business optimism is also down following Brexit negotiation concerns and political uncertainty in the country.

Economists suggest that the reports indicate a cooling U.K. economy that may slow in the third quarter of the year. Economic growth in the United Kingdom slowed in the first quarter on disappointing, slowing wage growth and inflation rising.

AUD/USD weakened, falling 0.34% to trade at 0.7578. NZD/USD is down 0.37% to trade at 0.7261.

USD/CAD is up 0.56% to trade at 1.3010 on Wednesday, rising off of a 10-month low that saw the pairing trading at 1.2913.

The United States Federal Reserve is slated to release the minutes for its June policy meeting later in the day. Investors are awaiting Friday’s jobs report, which is a key indicator of the economy’s strength.

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