US Dollar slides after Michael Flynn pleads guilty

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US Dollar slides after Flynn pleads guilty

The US Dollar weakened against major currencies around the world over the weekend after former National Security Adviser Michael Flynn pleaded guilty to lying to the Federal Bureau of Investigation (FBI) regarding his contacts with Russia.

The US dollar bought 112.05 Japanese yen, lower than 112.46 yen of the previous session. The US dollar dropped to 0.9762 Swiss franc from 0.9837 Swiss franc, and it moved down to 1.2695 Canadian dollars from 1.2903 Canadian dollars. The Australian dollar rose to $0.7611 from $0.7565.

In late New York trading on Friday, the euro fell to $1.1892 from $1.1903 in the previous session, and the British pound dipped to $1.3467 from $1.3526 in the previous session.

“My guilty plea and agreement to cooperate with the special counsel’s office reflect a decision I made in the best interests of my family and of our country. I will accept full responsibility for my actions,” Flynn told a court in Washington.

Special Counsel Robert Mueller’s office issued a statement earlier on Friday specifying Flynn’s charges, saying he lied to the FBI about two contacts he’s had with Russian officials prior to assuming office.

Ty Cobb, a White House attorney, issued a statement following the revelation saying the White House has also been a victim to Flynn’s lies and downplaying implications of Flynn’s plea.

The dollar index, which measures the greenback against six major peers, decreased 0.20 per cent at 92.864 in late trading.

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