Dollar extends gains as US bond yields rise

The US dollar rose against most of its peers on Monday, after the Senate officially approved the Covid-19 relief package and the US Treasury bond yields rose.

The US House of Representatives will pass the bill later this week, after the US Senate officially approved the $1.9 trillion Covid-19 relief package.

This huge aid package is aimed at supporting the US economy from the Covid-19 pandemic repercussions and to contain the outbreak.

The US Department of Labor revealed that the US economy has added 379,000 jobs during February, better than forecasts of adding 197,000 new jobs, and the unemployment rate was at 6.2% from 6.3%.

The yield of the 10-year US Treasury bonds rose above 1.6%, which foreshadows more pressure on stocks.

The dollar index rose against a basket of currencies by 0.3% to 92.2 points as of 18:07 GMT, after it hit a high of 92.4 points and a low of 91.8 points.