Dollar jumps to 3-week high ahead of US manufacturing data

2021-03-01 13:51:34 GMT (Economies.com)
Dollar jumps to 3-week high ahead of US manufacturing data

The US dollar rose on Monday, to extend its gains for the second straight day and hit a 3-week high, on strong demand and investors' risk aversion due to concerns over the US bond market, ahead of US data later today. 

 

The dollar index rose 0.2% to the highest since February 8 at 91.12 points, after opening at 90.92 points, and hit a low of 90.68, after gaining 0.8% on Friday, in its biggest daily gain since May 11, 2020.

 

The dollar index gained more than 0.3% during February, posting the second consecutive monthly gain, due to investors ’risk aversion, after the US Treasury yields rallied.

 

The yield on the US 10-year Treasury rose by more than 2.0% on Monday, resuming its gains that were temporarily halted on Friday as part of the correction from the highest level in a year.

 

The yield of the US 10-year Treasury rose by more than 2.0% on Monday, after falling due to profit-taking from a 1-year high.

 

This surge in the US Treasury bond yields led investors to shun riskier assets, amid rising bets the US Fed would scale back monetary policy easing programs to counter the rising inflation.

 

At 15:00 GMT, the US ISM manufacturing PMI is expected at 58.5, from 58.7 points.

 
 
 
  Symbol Last Change Chg.%
1.2054
0.0028
0.2295%
1.3887
-0.0066
0.4741%
Tadawul
10127.90
18.31
0.18%
26.102
0.310
1.202%
61.929
-1.249
1.977%
65.83
0.43
0.66%
1783.905
12.455
0.703%
 
 
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