Investing.com - The U.S. dollar was higher against other currencies on Monday, after news that Federal Reserve Bank of New York President William Dudley was retiring early.
The US dollar index, which measures the greenback against a basket of six other major currencies, falling 0.08% to 94.75 as of 11:57 AM ET (4:57 AM GMT).
On Friday the Labor Department said that the U.S. economy had added 261,000 jobs in October, falling short of expectations. However the unemployment rate was at its lowest level since December 2000 while in another report, the Institute for Supply Management reported that its non-manufacturing purchasing managers’ index rose to its highest level since 2005.
The strong economic data makes a strong case for the Federal Reserve to raise rates at its next meeting in December.
The dollar dipped down against the yen, with USD/JPY falling 0.14% to 113.91.
Meanwhile Fed Bank of New York President William Dudley announced that he was retiring in mid-2018, before his term ends in 2019. His early retirement will raise questions about the leadership of the central bank, less than a week after President Donald Trump nominated Fed Governor Jerome Powell to lead.
Investors are also waiting to see if and how Republicans will reconcile over disagreements related to the proposed tax bill. Some traders believe tax reforms could bolster growth and add pressure on the Federal Reserve to raise interest rates.
Elsewhere, EUR/USD fell 0.04% to 1.1600 while GBP/USD increased 0.48% to 1.3139. The loonie was also up against the dollar, with USD/CAD falling 0.16% to 1.2740.