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COVERFOREXNEWSLETTER

Dollar Surges Close to One-week High

Dollar

The U.S dollar, on Thursday, January 19, inched higher as solid U.S. data reinforced a theme of robust U.S. economic growth.

The dollar index .DXY, which tracks the greenback against the euro and five other major currencies added to its gains on Thursday.

The dollar also was bolstered by rosy reports on U.S. jobless claims and housing starts. The greenback gained as much as 1 percent on Wednesday after Yellen’s speech, which turned investors back to the narrative of strong growth and rising inflation in the U.S. that drove the currency higher.

The dollar rose to a nearly one-week high against the yen as investors laid bets on further dollar strength. The greenback moved to 115.29 yen, its highest since Jan. 13. The dollar also booked gains against the Swiss franc rising to 1.0115 franc.

Meanwhile the euro slumped below $1.06 to its lows of the day after European Central Bank chief Mario Draghi hinted on sagging inflation and the need for further monetary policy assistance.

 

 

 

 

 

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