Forex

United States dollar edges up on data that indicated positive stance on the U.S. economy

Dollar beats yen and franc

Thursday, the United States dollar managed to edged up against a group of its major currency rivals right after Wednesday’s data revealed United States service center growth touched its fastest in 12 years in September, as well as private employers adding more jobs that what analysts have estimated despite the previous Hurricanes Harvey and Irma.

In accordance to this, according to the dollar index which measures the greenback’s stance against a basket of its six major currency rivals: the United States dollar was at 93.500 which was 0.05% higher from their last close. The dollar was flat against the euro which was an inch lower from its previous close and traded at $1.1757. In addition, the greenback slid 0.1% on Wednesday due to concerns that the next head of the Fed could be a less aggressive candidate than expected.

However, investors are keeping an eye on the dollar’s gains as U.S. Treasury yields were being pulled back from its three-month peaks. In relevance to this, Junichi Ishikawa, senior forex strategist at IG Securities in Tokyo said that the dollar had not been able to take full advantage of the current series of robust U.S. data as Treasury yields have collapsed from their peaks.

 

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