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The dollar has been at the maximum level for 7 months at the beginning of the session on Monday

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The dollar has been at the maximum level for 7 months at the beginning of the session on Monday

The dollar has been at the maximum level for 7 months at the beginning of the session on Monday
October 17
12:30 2016

On Monday the American currency has risen to the seven-month maximum level against the basket of major currencies, maintaining the impulse from the optimistic data of the United States last week. These data have reinforced the expectations about the Fed rate increase in December.

By the morning the US dollar index has been at the mark of 98.031 after the rising to 98.158. This has been the highest level since March 10.

The dollar has slightly fallen against the yen, losing 0.1 percent and amounting to 104.09 after its rise to 104.480 on Friday.

The euro amounted to $ 1.0985, having fixed to the lowest level for three months – $ 1.0964.

At the end of last week the dollar was supported by the September strong data about retail sales and wholesale prices in the United States. These data pointed that the impulse of the economy had recovered in the III quarter after the weak half of the year.

Shin Kadota from Tokyo Barclays made a comment: “The schedule this week isn’t packed with the strong US data releases, and the market focus is likely to centre around three events“.

“These would be Wednesday’s China GDP data, the ECB policy meeting after recent talk of tapering and the last US presidential debate, which would give the market a chance to confirm if Clinton has the lead over Trump,” – Kadota explained.

The British pound has lost 0.3 percent and amounted to $ 1.2158. Last week it dropped by about 2 percent because of the concern about the UK withdrawal from the EU, which can become chaotic and very challenging.

The Australian dollar has fallen by 0.2 percent and amounted to $ 0.7605. It has lost the advantages which scored due to the increase of the commodity prices on Friday.

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2 Comments

  1. Jess
    Jess October 17, 16:22

    All are in anticipation of the presidential elections in the USA. Trump or Clinton?

    Reply to this comment
  2. Pro
    Pro October 17, 19:59

    Of course, one of the most important events of this political year is the presidential elections in the USA and the related dynamics of the dollar. Anyway, no matter who wins, one should expect the changes in the financial market, particularly in the exchange rate of the American currency

    Reply to this comment

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