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Dollar touches fresh 4-1/2 month high after strong data

News Date: 25/7/2016 04:16:09
 
Dollar advanced against a basket of major rivals to a new 4-1/2 month high after strong data last week showed forecast-beating manufacturing growth, which raised bets of a rate hike by the Federal Reserve before the year end.

The dollar index last traded at 97.44, up just 0.04% on the day, after setting a new 4-1/2 month high at 97.62, while the greenback added 0.12% against the yen to trade at 106.26.

Asian shares held up their ground after policymakers of the G20 countries asserted their resolve to boost global growth and trade, with the Shanghai Composite index up 0.10%, while Australian shares jumped 0.64%. Japan's Nikkei ended flat however.

Safe havens on the other hand suffered losses as risk appetite grows in the markets, with silver futures shedding 12 cents, or 0.66% to hover around $19.56 an ounce, while gold futures slid seven dollars, or 0.53% to trade at $1,324 an ounce.

Tomorrow, the Federal Reserve will convene its periodic meeting to discuss monetary policy and interest rates, expected to keep them all unchanged for the time being, with an eye on a tightening of policy in the December meeting, which would buoy the dollar.

From Britain, the CBI Industrial Order Expectations index is expected to drop further to minus 6 in July from minus 2 in June, which would add to concerns the British economy is suffering after Brexit, weighing negatively on the pound.

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