Monday, with the start of the the month of October, the United States dollar projected a positive start as it edges up against the single currency as well as its other major currency rivals on Monday. According to the dollar index, the greenback advances 0.1% and traded at 93.192.DXY.
In relevance to this, the euro collapsed an approximate percentage of 0.3% and traded at $1.1773 along with liquidity lacking given holidays in both China and South Korean markets. In addition, the greenback showed a robust stance against the Japanese safe-haven yen and traded at 112.88 JPY=, which was up by 0.3%.
The robust stance of the dollar was brought by investors who kept a concerned eye on an independence vote in Spain’s Catalonia; in which Spanish police utilized batons as well as rubber bullets to prevent it which ended up in a show of force that left hundreds injured.
In accordance to this, United States President: Donald Trump also aided the dollar to its current stance, with the news that Donald Trump might choose Kevin Warsh, former Federal Reserve Governor to head the central bank. In addition, Kevin Warsh–according to surveys, seems to be more aggressive than the current central bank chair: Janet Yellen, which makes Warsh’s appointment lead to faster hikes in interest rates.