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Dollar Extends Losses Amid Economic Worries -- Update

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12/04/2018 | 05:58pm EDT

By Sam Goldfarb

The dollar edged lower Tuesday, adding to its declines from a day earlier as traders continued to unwind bets that the U.S. economy will significantly outperform the rest of the world in the coming year.

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, dropped less than 0.1% to 90.25.

The dollar has fallen in recent weeks along with U.S. Treasury yields as investors and analysts have scaled back their expectations for economic growth in 2019 and several Federal Reserve officials suggested that they could soon slow down their pace of interest-rate increases.

Providing another blow to the dollar was the news over the weekend that the U.S. will postpone additional planned tariffs on Chinese goods. That bolstered an array of other currencies on Monday since many investors believe the U.S. economy would be less damaged than others by an escalating trade spat, although its impact waned on Tuesday as investors grew more skeptical that the two countries can arrive at a more lasting resolution to their conflict.

Retracing some of its Monday gains, the Australian dollar, which has fallen as the trade war heated up in recent months, fell 0.3% Tuesday against its U.S. counterpart to $0.7336. China is the top consumer for Australia's commodity exports.

The euro fell less than 0.1% to $1.1344, while the dollar slid 0.8% against the Japanese yen to Yen112.778.

Write to Sam Goldfarb at sam.goldfarb@wsj.com

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