The dollar gained broadly on Thursday as an array of US data suggested the US economy is firmly on a path of recovery, but growing confidence in Europe's ability to defuse its debt crisis should limit the greenback's gains against the euro. US Federal Reserve monetary policy largely relies on labour market conditions and the pace of the economic recovery, so signs of improvement increase expectations of higher interest rates, which makes the dollar more appealing to investors.
The dollar's biggest gains were against its safe-haven rival currencies. Against the Swiss franc, the dollar gained 1.1 percent to 0.9656 francs. The greenback rose to session highs against the yen to 82.98 on electronic trading platform EBS. It last traded at 82.91. The euro fell as low as $1.3396 on trading platform EBS and was last trading at $1.3454, down 0.1 percent. The euro had hit a two-month high on Wednesday of $1.3539. The dollar rose 0.3 percent versus a currency basket to 78.880 from a two-month low of 78.303 hit on Wednesday.
Comments
Comments are closed for this article.