Dollar jumps to 3-week high on strong demand

2019-08-20 15:12:34 GMT (Economies.com)
Dollar jumps to 3-week high on strong demand

US dollar rose against a basket of global currencies in the European market today, rising for the sixth straight day to a 3-week high, on strong demand as the best investment in the forex market, while most major currencies face increased pressures, especially Euro and British Pound.

 

Dollar index rose about 0.1% to 98.42 points, the highest level since August 2nd, from the opening of 98.36 points, with a low of 98.30 points.

 

Dollar rose 0.2% yesterday, its fifth daily gain within the longest daily gains streak in a month, on improved risk appetite.

 

US dollar drew support from the high demand as the best investment in the forex market, as Euro and British Pound face increased pressures.

 

As Euro faces market's bets for new stimulus plans by the ECB at the bank's next meeting in September, which will occur to counter eurozone's slowdown risks and weak inflation signals.

 

While British pound is facing the royal economy's recession during the second quarter, which indicates that the British central bank will try to ease monetary policy and cut interest rates in its next meeting, in addition to no-deal Brexit concerns.

 

Markets are anticipating the US Federal Reserve Chairman, Jerome Powell, speech at the annual conference of global central bankers in Jackson Hole, for further evidence that the US central bank would cut interest rates again this year.

 
 
 
  Symbol Last Change Chg.%
1.1012
-0.0063
0.5716%
1.2413
-0.0070
0.5588%
17.847
0.396
2.267%
62.020
7.127
12.982%
69.02
8.80
14.61%
1498.605
9.625
0.646%
 
 
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