Just in:
New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // Ingdan Announces 2023 Annual Results // German Job Market Resilience Bodes Well for Economic Recovery // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Global Audience to Witness Thrill of Dubai World Cup // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // French Leaders Gather for Interfaith Iftar Dinner // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // No running of govt from jail, says Delhi Lt Governor // Universal Language for Healthcare: General Authority Embraces Global Coding System // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Octa seeks to clarify Forex swap and swap-free accounts // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards //
HomeMarketsDollar index hits 13-year high

Dollar index hits 13-year high

The trade-weighted dollar has hit its highest level since the day US forces closed in on the capture of Saddam Hussein towards the end of the Iraq war more than 13 years ago.

The index that measures the greenback against a basket of its peers gathered pace on Wednesday, rising to 100.530, reports Roger Blitz.

ADVERTISEMENT

That takes it past the previous intraday high of 100.510 reached on December 2 last year, when comments from Federal Reserve chair Janet Yellen warmed up the market for a rate rise.

The index will then be looking at surmounting the next highest intraday level of 101.810 reached on April 7 2003. On that day, secretary of state Colin Powell said the Iraq war was drawing to a close and Saddam Hussein and his sons were being targeted by US warplanes.

The index, which is heavily weighted towards the euro, has risen 2.6 per cent since election day and gained 0.2 per cent on Wednesday as investors price in further rate rises. The probability of a December rise is above 90 per cent, according to CME Group.

The euro fell below $1.07 for the first time in nearly a year, while 2-year Treasury yields are up to 1.0132 per cent. The dollar is pushing higher against the yen, poised to hit the Y110 mark for the first time since June.

Three inter-related drivers are responsible for the dollar’s rise, says Brown Brothers Harriman’s Marc Chandler – rate expectations, likely fiscal stimulus from the incoming Trump administration and “the rise of the populist right”, which is weighing on the euro.

Chart from Bloomberg

Source link

ADVERTISEMENT

ADVERTISEMENT
Just in: