Dollar steady at 7-months high
- Donald Herison
- English
- MARKETS NEWS
- Hits: 1525
The dollar held steady near seven-month highs against the other major currencies on Tuesday, as growing expectations for a December rate hike by the Federal Reserve continued to support the greenback.
USD/JPY was little changed at 123.11.
The greenback remained supprted after the Labor Department reported on Friday that the U.S. economy added 271,000 jobs last month, well ahead of the 180,000 expected by economists and the largest increase since December.
The unemployment rate fell to a seven-and-a-half year low of 5.0%.
The strong data paved the way for the Fed to raise interest rates at its December meeting, a move that would make the dollar more attractive to yield-seeking investors.
EUR/USD edged down 0.11% to 1.0738, re-approaching Friday's seven-month trough of 1.0701.
The euro remained under pressure after Reuters reported on Monday that the European Central Bank could cut its deposit rate deeper into negative territory at its December meeting.
Elsewhere, the dollar was steady against the pound and the Swiss franc, with GBP/USD at 1.5103 and with USD/CHF at 1.0036.
The Australian and New Zealand dollars were stronger, with AUD/USD adding 0.15% to 0.7058 and with NZD/USD rising 0.21% to 0.6546.
Earlier Tuesday, the National Australia Bank reported said its business confindence index fell to 2 in October from 5 the previous month. Analysts had expected the index to tick down to 3 last month.
Meanwhile, USD/CAD edged down 0.11% to trade at 1.3271.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.19, not far from Friday’s seven-month highs of 99.29.
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