The dollar was on a roll again in Tuesday’s US session after a brief pause in its strong rally earlier in the day. The greenback broke above the key 102.00 yen propelled by rising US equity markets and overall upbeat mood in financial markets.
Helping support the dollar were comments today by the Federal Reserve’s Charles Plosser who said that he wants the Fed to begin cutting back on its bond buying as soon as its next policy meeting.
USDJPY hit as high as 102.39, the highest since October 2008.
Against the euro, dollar also gained to push EURUSD down to $1.2930, the lowest in just over a month.
Also weighing on the euro was disappointing German investor confidence data earlier today. The German ZEW index missed expectations and increased less-than-forecast to 36.4 in April.
Sterling extended losses against the dollar for a fourth day as investors were cautious ahead of the Bank of England quarterly inflation report tomorrow.
GBPUSD reached as low as $1.5219, the lowest since April 23. The pair is down more than 2 percent so far this month.
The ICE dollar index which tracks the greenback’s value against six other major currencies, rose to 83.426 from late Monday’s level at 83.276.
The dollar also gained versus the Australian, Canadian and New Zealand currencies on Tuesday as these commodity-linked currencies were affected by falling commodity prices.
The dollar was on a roll again in Tuesday’s US session after a brief pause in its strong rally earlier in the day. The greenback broke above the key 102.00 yen propelled by rising US equity markets and overall upbeat mood in financial markets.
Helping support the dollar were comments today by the Federal Reserve’s Charles Plosser who said that he wants the Fed to begin cutting back on its bond buying as soon as its next policy meeting.
USDJPY hit as high as 102.39, the highest since October 2008.
Against the euro, dollar also gained to push EURUSD down to $1.2930, the lowest in just over a month.
Also weighing on the euro was disappointing German investor confidence data earlier today. The German ZEW index missed expectations and increased less-than-forecast to 36.4 in April.
Sterling extended losses against the dollar for a fourth day as investors were cautious ahead of the Bank of England quarterly inflation report tomorrow.
GBPUSD reached as low as $1.5219, the lowest since April 23. The pair is down more than 2 percent so far this month.
The ICE dollar index which tracks the greenback’s value against six other major currencies, rose to 83.426 from late Monday’s level at 83.276.
The dollar also gained versus the Australian, Canadian and New Zealand currencies on Tuesday as these commodity-linked currencies were affected by falling commodity prices.
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