Dollar jumps to four-week peak

The US dollar rose against a basket of currencies on Monday, charging for the third straight daily gain, hitting a 4-week high on successive robust US economic data about its economic growth path.

The dollar index rose by 0.1% to 97.73 points, after it opened at 97.64, and hit an intraday low of 97.58.

The greenback gained more than 0.35% on Friday, and posted its second daily gain, buoyed by upbeat economic data on the US housing sector.

During the past week, the dollar index rose 0.3%, its second straight weekly gain, as demand increased against a basket of major currencies.

Investors focused on buying high-yield currencies, especially the US dollar, thanks to risks around the US economy receding, especially regarding the US-China trade tensions and geopolitical tensions in the Middle East.

The greenback also drew support from strong US data, which have spurred confidence in the US economic growth path during Q4 2019.

Last week, the US retail sales reading showed a rise during December, and the housing starts hit a 13-year high.

While today the US market will be closed in observance for the Martin Luther King Day.