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Forex - Dollar hits fresh 6-month highs after US. data

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Investing.com -

Investing.com - The dollar rose to fresh six-month highs against a basket of other major currencies on Tuesday, after data showed that U.S. consumer confidence rose to the highest level in seven years this month.

The dollar gained ground after the Conference Board reported that its index of consumer confidence rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007 and was ahead of expectations for a decline to 85.3.

Demand for the dollar continued to be underpinned ahead of preliminary data on U.S. second-quarter growth and the Federal Reserve's latest rate statement, both due on Wednesday. Investors were also awaiting the U.S. nonfarm payrolls report for July on Friday.

Earlier this month Fed Chair Janet Yellen indicated that rates could rise sooner if the recovery in the labor market continued.

EUR/USD was down 0.21% to 1.3410, the lowest level since November 21.

The euro remained under heavy selling pressure amid concerns over the divergence in monetary policy between the European Central Bank and its major peers.

USD/JPY added 0.24% to trade at three week highs of 102.10, while USD/CHF was up 0.30% 0.9067, most since early February.

Sterling was down to one month lows, with GBP/USD losing 0.26% to trade at 1.6938.

Elsewhere, the New Zealand dollar fell to fresh one-and-a-half month lows, with NZD/USD down 0.43% to 0.8510. The Australian and Canadian dollars were also lower, with AUD/USD shedding 0.27% to trade at 0.9380 and USD/CAD up 0.37% to 1.0839.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.22% to 81.29, the highest since early February.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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