Economic news

Dollar extends gains vs most major peers

The dollar surged on Monday, extending last week’s rise as weakness in global markets, led by Chinese shares, and fresh solid U.S. numbers boosted demand for the U.S. currency.

Photo: Reuters

The dollar index inched up 0.2 percent to 95.85, moving towards a 14-month peak of 96.991 touched in mid-August.

The euro dipped a quarter of a percent to $1.15, not far from a low of $1.1463, its trough since Aug, 20, 2018 as a fresh increase in Italian bond yields affected investors’ mood.

Italy’s 10-year yield added eight basis points to 3.504 percent, the top in more than four years.

The pound was down 0.4 percent at $1.3077 as focus remained on any substantial breakthrough in Brexit talks on any favorable deal with the EU.

China’s yuan traded at 6.8981 per greenback, compared with a previous onshore close of 6.8725.

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