WASHINGTON (dpa-AFX) - The U.S. dollar climbed higher on Friday as escalating geopolitical tensions prompted investors to seek the safe-haven currency. Uncertainty about interest rate cuts before June contributed as well to the dollar's rise.
The dollar index surged to 106.11 around late morning, and held firm thereafter. The index was last seen at 106.02, up 0.7% from the previous close.
Inflation concerns continued to weigh on the markets, as the Labor Department released a report showing import prices in the U.S. increased by slightly more than expected in the month of March.
The report said import prices climbed by 0.4% in March after rising by 0.3% in February. Economists had expected import prices to increase by another 0.3%.
On the geopolitical front, following the alleged Israeli attack on the Iranian consulate in Damascus, Syria, reports suggest that the top Iranian leadership is planning a retaliatory attack on Israel within the next 48 hours.
Against the Euro, the dollar firmed to 1.0645 from 1.0728, gaining about 0.8%. The dollar strengthened to 1.2448 against Pound Sterling. The dollar recovered to 153.26 yen, after sliding to 152.59 yen.
The dollar was up firmly at 0.6461 against the Aussie, moved higher by about 0.5%, against Swiss franc to CHF 0.9142. Against the Loonie, the dollar strengthened to fetch C$ 1.3776 a unit.
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