Dollar Scores Gains Against Rivals On Safe-haven Appeal
(RTTNews) - The U.S. dollar climbed higher against its most major rivals on Tuesday as treasury yields moved up amid rising prospects of a series of sharp interest rate hikes by the Federal Reserve.
Traders looked ahead to the Federal Reserve's minutes from the June monetary policy meeting due on Wednesday, and also awaited the crucial jobs data, due out later in the week.
In economic releases today, data from the Labor Department showed new orders for manufactured goods increased 1.6% month-on-month in the month of May, following an upwardly revised 0.7% rise a month earlier.
Factory orders excluding transportation in the United States increased 1.7% month-over-month in May of 2022, following an upwardly revised 0.6% rise in April.
A survey showed business growth across the euro zone slowed further last month, partly due to inflationary pressures.
The Bank of England said in its latest biannual Financial Stability Report that the global economic outlook has "deteriorated materially" and that banks should ramp up capital buffers to ensure they can weather the storm.
The dollar index surged to 106.79 before paring some gains. At 106.51, the dollar was up 1.3% a little while ago.
Against the Euro, the dollar firmed to $1.0269 from $1.0425.
The dollar is trading at $1.1959 against Pound Sterling, gaining from $1.2103.
The Japanese currency is at 135.87 yen against the dollar, easing from 135.70 yen.
Against the Aussie, the dollar is at 0.6799, strengthening from 0.6865.
The Swiss franc has weakened to CHF 0.9683 a dollar from CHF 0.9612. The Loonie has dropped to 1.3026 against the dollar, easing from 1.2860 as oil prices fell sharply on demand worries.
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