U.S. Dollar Continues to Roll

The U.S. dollar rose for an eighth day, the longest winning streak since 2012, amid bets an improving U.S. economy will encourage Federal Reserve policy makers to dial back stimulus when they meet next week.

The dollar gained against most major peers before data forecast to show the number of Americans continuing to apply for jobless benefits fell and existing home sales increased. The 18-nation euro held a two-day advance against the yen before a report that may show Germany’s manufacturing industry expanded. Australia’s dollar fell against its peers after a report showed an unexpected contraction in Chinese manufacturing.

“There continues to be broad-based dollar buying,” said Akira Moroga, manager of currency products at Aozora Bank Ltd. in Tokyo. “The Fed is likely to keep reducing asset purchases at the pace they’ve done so far.”

Bloomberg

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.