Forex

U.S. Dollar Continues Momentum on Upbeat Data By Investing.com

© Reuters.

Investing.com – The greenback rose to a three-week high on Monday after upbeat jobs data underlined the strength of the U.S. economy, even as the Federal Reserve paused its monetary policy tightening.

Upbeat jobs numbers on Friday, along with ISM manufacturing data, helped ease concerns about a possible slowdown.

The , which measures the greenback’s strength against a basket of six major currencies, increased 0.27% to 95.553 as of 10:42 AM ET (15:42 GMT).

Investors have quickly scaled back nascent expectations that the Fed might need to cut interest rates later this year. Last week the Fed said it would evaluate data before making any adjustments to its monetary policy.

The dollar was higher against the safe-haven yen, with rising 0.5% to trade at 109.43.

Elsewhere, the euro was under pressure, with falling 0.14% at 1.135 while was flat at 1.3078.

In Australia, the slipped 0.5% to 0.7211 as traders waited for the Reserve Bank of Australia’s policy meeting on Tuesday, where it is expected to keep cash rates steady.

dipped 0.3% to 0.6872.

Meanwhile the loonie was lower, with up 0.2% to 1.3131.

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Source

neallesh@yahoo.co.uk

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