The US dollar jumps to its highest level in two weeks ahead of consumer spending data

The US dollar extended the rally during the European market on Monday against a basket of currencies, extending gains for a second straight day, marking the highest level in two weeks, with continued buying the US currency operations after a rise in stakes of the Federal Reserve to increase interest rates during the current year, and the US economy waiting for later in the day important data on consumer spending data .

The dollar index is trading by the time 11:36 GMT around level of 95.70 points from the opening level of 95.55 points, the highest level of 95.71 points, the highest since 16 August and the lowest level of 95.44 points.

Index closed trading on Friday, up by 0.8 percent, the biggest daily gain since June 24th last, due to the acceleration of buying the US currency operations against most currencies, after Janet Yellen president of the Federal Reserve's remarks in Jackson Hole conference.

Janet Yellen said, "The rationale for raising interest rates increased during the recent months, with the improvement in the labor market and the expectations for moderate growth," said Yellen, "The US economy is approaching the targets of the Federal Reserve which is to reach the highest rate of employment with stable inflation."

President of the Federal Reserve said "in light of the strong performance of the labor market and our expectations for the economic growth and inflation, I think the justification for higher interest rates have risen in recent months."

After these statements the stakes of traders  to increase US interest rates during the next meeting of the Federal Reserve in September jumped to 42 percent from 22 percent, and in December meeting to 65 percent.

Today, the US economy later in waiting for consumer spending data, which represents about 70 percent of the value of the GDP data, expected personal spending for the month of July is 0.3% from the high of 0.4% in June, as the personal income index for the same month expected to rise by 0.4% from the 0.2% rise.