Dollar Gains Against Major Counterparts
(RTTNews) - The U.S. dollar gained against its major counterparts on Monday amid bets the U.S. Federal Reserve will hold interest rates at higher levels for longer time in order to contain inflation.
Data on Friday showed producer prices climbed by slightly more than expected in the month of July.
The data said, the producer price index for final demand rose by 0.3 percent in July following a revised unchanged reading in June.
Economists had expected producer prices to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
The report also showed the annual rate of producer price growth reaccelerated to 0.8 percent in July after slowing to just 0.2 percent in June. The rate of growth was expected to accelerate to 0.7 percent.
While the bigger than increase by the headline index led to renewed interest rate concerns among some investors.
The dollar index climbed to 103.46 around mid morning, and despite dropping to 103.17, remains positive, with a gain of about 0.32 percent.
Against the Euro, the dollar is trading at 1.0907, gaining from 1.0948. At 1.2686, the dollar is up marginally against Pound Sterling.
Against the Japanese currency, the dollar has firmed to 145.50 yen from 144.92 yen. The Aussie is slightly weak against the dollar with the AUD/USD pair trading at 0.6486.
The dollar is up marginally against Swiss franc at CHF 0.8784, and up against the loonie at C$1.3463.
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