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Dollar hovers at 9-month highs vs. other majors

Published 11/14/2016, 05:25 AM
Updated 11/14/2016, 05:25 AM
© Reuters.  Dollar remains broadly higher on U.S. optimism

© Reuters. Dollar remains broadly higher on U.S. optimism

Investing.com - The dollar was hovering at nine-month highs against the other majors currencies on Monday, as optimism over the economic implications of a Trump presidency continued to support demand for the greenback.

EUR/USD retreated 0.84% to 1.0763, the lowest level since January.

The dollar was boosted by hopes that increased fiscal spending and tax cuts under a Trump administration will bolster economic growth and inflation.

Expectations for higher U.S. interest rates also remained intact amid optimism that a pick-up in growth will allow the Federal Reserve to tighten borrowing costs.

The Mexican peso remained under pressure, with MXN/USD down 0.62% at 0.0478, not far from Friday’s record-lows of 0.0467.

In a press conference last Wednesday, Mexican central bank officials said they were watching market volatility but refrained from any measures to stem the peso’s decline.

Elsewhere, GBP/USD declined 0.84% to 1.2487, off Friday’s five-week high of 1.2675.

USD/JPY rallied 1.03% to 107.78, the highest since June 7, while USD/CHF climbed 0.62% to 0.9942.

In Japan, data overnight showed that the economy grew at a faster than expected pace in the third quarter, with GDP expanding by 2.2% on a year-over-year basis, but the report also indicated that domestic demand remained weak.

The Australian dollar edged higher, with AUD/USD up 0.09% at 0.7551, while NZD/USD shed 0.28% to 0.7096.

Meanwhile, USD/CAD rose 0.20% to trade at 1.3569, the highest level since February.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.81% at a nine-month peak of 99.79.

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