HomeTop U.S. NewsDollar Nears Two-Month High as Bets on Fed Rate Hike Increase

Dollar Nears Two-Month High as Bets on Fed Rate Hike Increase

The U.S. dollar headed for a two-month high following a fifth consecutive weekly gain in what is the currency’s longest winning streak in the past 15 months. The dollar has been increasingly viewed as a safe haven as investors seek refuge amid concern regarding China’s economy.

“Developments in the distressed Chinese financial and property sector are emerging as the most prominent driver for market sentiment,” Francesco Pesole, FX strategist at ING explained.

The yuan has fallen 0.13% against the dollar to 7.3098, while the British pound declined 0.2% against the greenback to 85.51 pence after British retailers reported July retail sales that fell short of expectations. The euro slipped 0.1% lower against the dollar to $1.0861 after toughing on a six-week low of $1.0856.

Measuring the U.S. dollar against a basket of major currencies, the U.S. dollar index edged 0.1% higher at 103.53, thereby securing a 0.6% weekly gain.

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