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Forex - Dollar Extends Gains, Hits 1-1/2 Month Highs

ForexApr 23, 2018 05:21AM ET
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© Reuters. Dollar extends gains, hits 1-1/2 month highs - The dollar extended early gains against a currency basket on Monday, rising to one-and-a-half month highs, driven up by a rise in U.S. bond yields, while mixed euro zone private sector survey data failed to support the euro.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.37% to 90.41 by 05:20 AM ET (09:20 AM GMT), the strongest level since March 1.

The yield on 10-year U.S. Treasury notes continued to push closer to the 3% level on Monday, as strengthening inflation prospects added to expectations for a faster rate of monetary tightening from the Federal Reserve.

The dollar rose to more than two-month highs against the safe haven yen, with USD/JPY up 0.35% to 108.04.

The Japanese currency is often sought in times of market turmoil and political tensions and tends to decline as investor confidence returns.

North Korea said on Saturday it was suspending nuclear and missile tests and scrapping its nuclear test site ahead of planned summits with South Korea and the U.S.

Besides concerns over geopolitical risks, worries over a trade spat between the U.S. and China also appeared to be easing.

The euro slid to two-week lows, with EUR/USD down 0.43% to 1.2234.

The single currency failed to find support after data showing that while activity in the euro area service sector picked up in April manufacturing growth slowed to the lowest level in 14 months.

The decline was due, in part, to the stronger euro hitting export growth.

Sterling was also lower, with GBP/USD slipping 0.16% to 1.3979 after ending the previous week down 1.71%.

The pound fell last week after Bank of England Governor Mark Carney indicated that the central bank may not raise interest rates in May after recent weaker-than-expected wage growth and inflation data.

Forex - Dollar Extends Gains, Hits 1-1/2 Month Highs

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