Forex Market News

Dollar Holds Steady At Close To 2-Week Highs On Upbeat Economic Data

The dollar rose to its highest in more than two weeks on Thursday as solid readings on the U.S. economy helped strengthen the case for the Federal Reserve to continue tightening monetary policy this year.
The number of Americans filing unemployment claims fell more than expected last week, suggesting that slack in the labor market was shrinking, and the New York manufacturing and Philadelphia Fed business conditions indexes for June beat expectations. The dollar index rose to 97.557, its highest since May 30.The greenback rose to 110.97 yen, its highest against since June 2.
Sterling edged up 0.1 percent to 1.2762, getting a lift overnight after as many as three members of the Bank of England’s policy committee surprised financial markets by voting for a rise in interest rates. It was still down 1.4 percent for the week so far. Unexpectedly tight 5-3 vote came despite signs of a slowdown in Britain’s economy, and uncertainty over Britain’s political outlook since Prime Minister Theresa May’s failure to win a parliamentary majority in last week’s election.
Indian rupee opened strong against dollar at around 64.23 and lost its luster by giving up gains and closing around 64.5550 against previous close 64.29. We expect the pair to trade in the range of 64.45-64.65 for the day.
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