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Forex - Dollar Holding Near 2018 Highs, Pound Rebounds

Forex Nov 13, 2018 04:19AM ET
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Investing.com - The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was at 97.41 by 04:05 AM ET (09:05 AM GMT), within striking distance of Monday’s 16-month highs of 97.53.

Demand for the dollar was underpinned after the Fed indicated last week that rates are likely to rise in December and again in early 2019, with the U.S. economy looking strong on almost every front.

The dollar was trading close to five-week highs against the yen, with USD/JPY up 0.23% to 114.10.

Market sentiment was boosted by hopes that trade tensions between the U.S. and China would ease following reports that China's top trade negotiator was preparing to visit the U.S. ahead of a meeting between the two countries' leaders later this month.

The pound regained ground, with GBP/USD rising 0.33% to 1.2891, but gains were held in check amid fears that Britain could crash out of the European Union without a Brexit deal.

The pound hit a low of 1.2826 against the dollar on Monday, the weakest level since Nov. 1.

The euro edged higher, with EUR/USD inching up 0.1% to 1.1230. The single currency struggled to make headway with investors focused on the ongoing row between Brussels and Rome over Italy’s budget.

The European Commission rejected Italy's 2019 budget last month, because it was in breach of European fiscal rules and Italy’s government has until later Tuesday to submit a revised budget plan.

Forex - Dollar Holding Near 2018 Highs, Pound Rebounds
 

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