Breaking News

Dollar touches fresh 4-1/2 month high after strong data

News Date: 25/7/2016 04:16:09
Dollar advanced against a basket of major rivals to a new 4-1/2 month high after strong data last week showed forecast-beating manufacturing growth, which raised bets of a rate hike by the Federal Reserve before the year end.

The dollar index last traded at 97.44, up just 0.04% on the day, after setting a new 4-1/2 month high at 97.62, while the greenback added 0.12% against the yen to trade at 106.26.

Asian shares held up their ground after policymakers of the G20 countries asserted their resolve to boost global growth and trade, with the Shanghai Composite index up 0.10%, while Australian shares jumped 0.64%. Japan's Nikkei ended flat however.

Safe havens on the other hand suffered losses as risk appetite grows in the markets, with silver futures shedding 12 cents, or 0.66% to hover around $19.56 an ounce, while gold futures slid seven dollars, or 0.53% to trade at $1,324 an ounce.

Tomorrow, the Federal Reserve will convene its periodic meeting to discuss monetary policy and interest rates, expected to keep them all unchanged for the time being, with an eye on a tightening of policy in the December meeting, which would buoy the dollar.

From Britain, the CBI Industrial Order Expectations index is expected to drop further to minus 6 in July from minus 2 in June, which would add to concerns the British economy is suffering after Brexit, weighing negatively on the pound.

Latest news

Oil still faces the challenges behind the imbalances between supply and demand due to the economic deterioration, as Brent crude futures rose 0.54% this morning to be traded at $ 43.12, while futures
07-2020 15 05:51:44

Advertising sources reported that the number of confirmed cases of Covid virus 19 reached 12 million and 800 thousand cases, as the largest number of infections was recorded with a total of 839,850 c
07-2020 13 03:43:07

On Friday, oil prices continued to harvest more losses, retreating to the lowest levels, with the high rate of coronavirus infections in the United States of America, and due to fears of isolation an
07-2020 10 06:16:09

Oil prices fell today, Wednesday, after the increase in crude inventories, which increases the fears of supply. Therefore, it is expected that US crude production will decline by 600 thousand barrels
07-2020 08 08:20:53

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

More News