WASHINGTON (dpa-AFX) - The U.S. dollar gained in strength against its major counterparts on Monday, ahead of some crucial economic data, including readings on U.S. inflation readings, and Fed speeches.
Data on U.S. retail sales and industrial production U.S. reports on consumer and producer prices, retail sales and industrial production due later in the week may provide further insights into the health of the world's largest economy as the Presidency and Senate falls into Republican hands, presenting a clear path for Trump to enact any major policy changes.
Trump won a second term as president on a platform of steep import taxes, including tariffs as high as 60 percent on China. The focus is now on how quickly Trump will implement his fiscal and protectionist trade policies.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.
According to CME Fedwatch, traders currently bet on a 65.9% chance for a 25-basis point rate cut in December, and a 34.1% chance that rates will remain unchanged.
The dollar index climbed to 105.71 and despite paring some gains, stayed firm right through, and was at 105.50 a little while ago, up nearly 0.5% from last week's close.
The dollar firmed to 1.0657 against the Euro, from 1.0720. Against Pound Sterling, the dollar strengthened to 1.2869 from 1.2921.
Against the Japanese currency, the dollar climbed to 153.74 yen from 152.63 yen. The dollar gained marginally against the Aussie, firming to 0.6575.
The Swiss franc was down against the dollar at 0.8808, while the Loonie weakened to 1.3925 a unit of the greenback
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