Dollar Extends Gains Against Major Counterparts
2024-12-29
2861
(fxcue news) - The U.S. dollar gained against its major counterparts on Tuesday, the final session of Year 2024, on strong year-end demand and amid bets the Federal Reserve will take a cautious approach with regard to interest rate cuts as economic policies under the upcoming Trump administration will likely stoke inflation.
The dollar index, which rose to a new 2-year high of 108.58, pared some gains subsequently, but was still up firmly with a gain of nearly 0.3% at 108.44.
Against the Euro, the dollar strengthened to 1.0360 from 1.0408, and against Pound Sterling, it firmed to 1.2520, gaining about 0.25%.
The dollar gained against the Japanese currency, rising to 157.33 yen a unit after exhibiting weakness in the Asian and European sessions. Against the Aussie, the dollar firmed to 0.6189 from 0.6221.
The dollar advanced against the Swiss currency, fetching CHF 0.9074 a unit, up from previous close of CHF 0.9036. Against the Loonie, the dollar climbed to C$ 1.4379 from C$ 1.4357.
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