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Dollar extends gains as markets focus on US data

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The US dollar bills are seen in front of the stock chart displayed in this illustration taken February 8, 2021. REUTERS / Dado Ruvic / Illustration

The US dollar extended its gains on Tuesday, partially unwinding a month-long decline as investors weighed the chances that interest rates would be forced up by a roaring US economic recovery and waited for data and political speeches to come out. come to get clues.

Tuesday’s rebound nearly reversed losses suffered on Monday after a disappointing survey report on the U.S. manufacturing sector, leaving it 1% above the one-month low reached last week.

Although April’s main survey figures were lower than March’s, the US recovery remained firmly on track with price pressures rising, while the Federal Reserve appeared in no rush to cope. tighten.

Financial conditions are nowhere near the level at which the Fed would consider withdrawing support, New York Fed Chairman John Williams said on Monday as the economy is expected to grow at the fastest pace in decades this year as the economy grows at the fastest pace in decades this year. ‘it is bouncing back from the crisis caused by the coronavirus pandemic.

Commerzbank strategists said US data due for durable goods orders and non-farm payrolls will provide further evidence of the economic recovery.

“However, as market expectations are a bit too optimistic according to our experts, this could put pressure on the dollar despite mostly positive results,” they said.

The greenback rose 0.6% against the Antipodes currencies and 0.3% against the yen, the euro and the pound in trade cleared by the holidays in China and Japan.

The dollar index which measures the dollar’s value against a basket of big rivals climbed 0.4% to 91.34, just short of a nearly two-week high.

Elsewhere, central bank meetings are the focus. The Australian dollar weakened as the country’s central bank sharply revised up its forecast for the local economy, but still did not anticipate any tightening of its ultra-flexible policy until at least 2024.

The pound fell slightly to $ 1.3870 ahead of a Bank of England meeting on Thursday. Analysts believe the bank could announce a slowdown in its bond buying program, as vaccinations have supported the UK economy.

Elsewhere, the cryptocurrency ether has hit another all-time high, this time near $ 3,500, as speculators push the white-hot crypto markets higher. It last sat at $ 3,313.

Our Standards: Thomson Reuters Trust Principles.

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