The dollar is at its highest level in 3 months

0
31


On Friday, the US dollar hit a three-month high against other major currencies, as traders bet that strong US labor market data could push the currency higher.
And the dollar index is on track to achieve another weekly gain of about one percent. The rise is the fourth in five weeks. The index gained 0.1 percent during the session and reached 92,699, according to what was published by “Reuters”.
The US currency has generally strengthened since the Federal Reserve surprised markets last month by hinting that it might tighten monetary policy earlier than expected to curb inflation.
The US jobs report is due at 1230 GMT and is expected to show a strong increase of 700,000 jobs, with traders bracing for any surprises.
“Foreign exchange markets are definitely becoming more sensitive to upcoming US economic data,” currency analysts at MUFG said in a note.
The dollar hit a new three-month high against the euro before the report, gaining 0.2 percent during the session to $1.18235. And the currency stabilized in general against the yen and the pound sterling.





LEAVE A REPLY

Please enter your comment!
Please enter your name here