Article by ForexTime
The US dollar was firmer on Tuesday, hovering near its highest level in two months against a basket of currencies.
The greenback is being supported by expectations of a rate hike very soon after comments by Fed Chair Janet Yellen last Friday. If the US jobs data this Friday show solid job growth the dollar would likely be given a further boost.
The dollar index edged up 0.1 per cent to 95.57 during Asian trading today.
USDJPY hit a one-month high of 111.45 yen on Monday before stepping back to around 111.30 yen early on Tuesday.
EURUSD fell to as low as $1.1097 on Monday, its lowest since mid-March but bounced higher to $1.1040 today.
GBPUSD rose 0.4 percent to $1.4690, edging near a three-week high of $1.4738 hit last week.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
The sterling has been supported in recent weeks by polls showing that those in favour of the UK remaining in the European Union at next month’s referendum, are leading the Brexit supporters.
The Australian dollar jumped on surprising strong local economic data. AUDUSD gained 0.7 per cent to $0.7235 after the release of solid trade data on building approvals and private credit. GDP for the first quarter are due tomorrow.
Brent crude, the international benchmark, traded to as high as $50.35 a barrel and West Texas Intermediate, the US marker was up to $49.74.
Gold rose 0.7 per cent at $1,213.90 an ounce this morning, pausing its recent losing streak. The precious metal has been hurt by a stronger dollar and expectations of a rate increase by the Federal Reserve.
Article by ForexTime
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
