Dollar Rises Against Major Counterparts
2024-10-06
2237
(fxcue news) - The U.S. dollar climbed higher against its major counterparts on Monday on expectations the Federal Reserve will announce smaller interest rate cuts in the coming months, as against earlier hopes for another 50-basis point cut.
Investors looked ahead to a slew of speeches from Fed officials and some crucial economic data, as well as the European Central Bank's monetary policy announcement this week.
The dollar index rose to a 10-week high, and scored gains against most of its major counterparts. The dollar index, which climbed to 103.36, eased a bit subsequently, but at 103.20, remained firm with a gain of about 0.3%.
Against the Euro, the dollar firmed to 1.0908 from 1.0939. Against Pound Sterling, the dollar gained marginally at 1.3061.
The dollar strengthened against the Japanese currency, fetching 149.74 yen a unit, about 0.4% more than the previous close of 149.14 yen. Against the Aussie, the dollar firmed to 0.6725 from 0.6751.
The dollar climbed against Swiss franc to CHF 0.8625 from CHF 0.8572, and against the Loonie, it advanced to C$ 1.3795 a unit, up from the previous close of C$ 1.3764.
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