HomeFinancial MarketsDollar Rises As US Economy Shows Resilience

Dollar Rises As US Economy Shows Resilience

The US dollar rose on Thursday as investors gain confidence from signs of increased resilience from the US economy. The Federal Reserve published its “Beige Book” on Wednesday, showing that economic growth remained stellar, job growth was curbed, and inflation cooled.

Both the euro and the British pound remained near three-month lows against the greenback. The euro slipped by 0.1% to $1.0715 after falling to its lowest level against the dollar since June on Wednesday, while the pound fell by 0.3% to $1.2472. The onshore yuan plunged to a 10-month low of 7.3270 per dollar, edging towards a 16-year low, while the dollar rose against the yen to 147.875; its highest since November last year.

Markets have placed a 40% probability of the Federal Reserve implementing an interest rate hike in November, according to data from CME FedWatch tool. Fed policymakers are expected to keep rates steady this month.

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