Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Dollar at 8-month highs vs. other majors

Published 10/24/2016, 02:20 AM
Updated 10/24/2016, 02:20 AM
© Reuters.  Dollar remains broadly higher on U.S. rate hike hopes

Investing.com - The dollar was higher against other major currencies on Monday, as sustained expectations for a 2016 U.S. rate hike continued to lend broad support to the greenback.

EUR/USD was little changed at 1.0876, close to Friday’s seven-month trough of 1.0857.

The dollar remained broadly supported after New York Fed President William Dudley said last week that the U.S. central bank will likely raise interest rates later this year if the economy remains on its current trajectory.

Growing expectations that Hillary Clinton will win the U.S. presidential election have also added to the view that a December rate hike is likely.

Meanwhile, sentiment on the euro was still fragile after European Central Bank President Mario Draghi indicated last week that the bank may extend its stimulus program in December.

GBP/USD slipped 0.20% to trade at 1.2204, while USD/JPY edged up 0.11% to 103.89.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.10% at 98.72, just off a fresh eight-month peak of 98.82 hit overnight.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.