Forex – Dollar Flirts With Six-Month Highs as Euro Sees Red



Investing.com – The U.S. dollar rose to a sixth-month high as mostly positive U.S. durable goods data suggested the U.S. economy was strong enough to sustain further Fed rate hikes.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.38% to 94.08, after hitting a high of 94.19.

The Commerce Department said on Wednesday rose 0.9% last month, beating economist forecast for a 0.5% rise. , a gauge of business spending, rose 1%.

“Business investment spending is solid enough to keep the Fed on the gradual path of interest rate hikes, where order books are full, but not enough to strain capacity and lead to more inflation,” BOT Mitsubishi said following the release of the data.

The ongoing slump in the euro in the wake of rising Eurozone uncertainty supported further gains in the greenback.

fell 0.47% to $1.1664 and was set for its sixth-straight week of losses as Spanish Prime Minister Mariano Rajoy faces a no-confidence vote, while Italian political uncertainty also weighed on the single currency.

fell 0.48% to $1.3316 following the release of that was in-line with expectations.

rose 0.16% to Y109.43 following U.S. President Trump’s reverse ferret on the North Korea summit after counterpart Kim Jong Un scaled back his recent inflammatory rhetoric and said he continued to favor at meeting with Trump at the summit in Singapore.

rose 0.73% to C$1.2976 as falling oil prices continued to support the pair following reports OPEC and its allies could lift curbs on oil output.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments