logo
Plus   Neg
Share
Email

Dollar Displays Strength Against Major Currencies

dollarcrowd-102810_04feb19.jpg

The U.S. dollar is gaining against most major currencies on Monday, with recent jobs data easing concerns about any slowdown in the world's largest economy.

The dollar index is gaining about 0.3% at 95.58. It advanced to a high of 95.66 earlier in the day.

The dollar recovered against the Euro after falling to a low of 1.1461 and is currently trading at 1.1432 against the euro, gaining about 17%.

Against the Japanese Yen, the dollar is progressing well. The dollar is currently trading at 109.90 yen, its highest in about 11 days and up by about 0.4% from previous close.

Against Swiss Franc, the dollar is gaining 0.22% at 0.9978 and against the Canadian loonie, the greenback is up 0.19%, at 1.3121.

The dollar is up against U.K.'s pound sterling as well, gaining more than 0.3%, at 1.3041, with Brexit concerns weighing on the British currency.

After trade talks between the U.S. and China concluded last week without any major breakthrough, the focus is now on the upcoming visit of U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to China during the middle of this month for the next round of talks.

Later in the month, U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet in the coastal city of Da Nang to address issues that are more contentious.

On the Brexit front, Brexit Secretary Steve Barclay and British MPs began discussions on an alternate arrangement to the Irish backstop. Prime Minister Theresa May is scheduled to visit Northern Ireland tomorrow to reassure businesses that the government is committed to maintaining an open border after Brexit.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT