The dollar hovered near its highest in over a week against a basket of major currencies on Wednesday as the market’s focus shifted from Greece to prospects for higher U.S. interest rates.
The dollar index eased 0.1 percent to 95.298. On Tuesday it had climbed to 95.636, its highest level since June 12. The dollar index still held on to the bulk of the gains made on Tuesday, when it climbed 1.2 percent – its best daily performance since late May. The euro edged up 0.2 percent to $1.1184, regaining a bit of ground after sliding 1.5 percent on Tuesday.
The market seems to be shifting its focus back to underlying factors such as the divergence in the monetary policy stances of the Fed and the European Central Bank, said Mitul Kotecha, head of Asia-Pacific FX strategy for Barclays in Singapore.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015