The greenback advanced 0.2% in the index after reaching one of its highest peaks in the month of August.
He dollar hit a 10-week high on Monday in a light-traffic session, extending its weeks-long bullish streak driven by data showing a moderate slowdown in the economy and coinciding with bets on moderate interest rate cuts by the Federal Reserve (Fed).
He dollar indexa gauge of the greenback’s value against six major currencies, rose to 103.36, its highest level since Aug. 8. Finally, it rose 0.2% to 103.23, while the euro fell to a 10-week low below $1.09, and was last down 0.3% at $1.0902.
Likewise, the US currency rose against the yuan Chinese after China’s weekend stimulus announcements disappointed investors.
On the other hand, it was unlikely that United States Treasury bonds would provide a significant advantage, as bond markets were closed for Columbus Day.
Last week’s US data showing slightly higher-than-expected consumer inflation but higher weekly claims unemployment left intact the predictions that the Fed cut rates by 25 basis points in November and December.
Traders will now have Thursday’s retail sales and jobless claims data on their radar in USA, In addition to the review of the monetary policy of the ECB.
The governor of the Federal Reserve, Christopher Waller supporter of a larger rate cut because he is concerned that the pace of price increases is below the target of the Federal Reserve, will speak later this Monday.
Eye on China
For their part, transactions in Asia were dominated by the press conference on fiscal stimulus of Beijing. The Chinese yuan fell 0.4% against the dollar.
Without providing details on the size of the fiscal stimulus being prepared, the finance minister, Lan Foan, He told a news conference that there will be more “countercyclical measures” this year.
“More time may be needed to take more thoughtful and specific measures,” he said. Christopher Wong currency strategist at OCBC in Singapore. “But those measures must also come quickly, as markets are eagerly awaiting them. Excessive expectations in the face of insufficient results would result in disappointment,” he added.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
