Economic news

Dollar touches 16-month peak; Fed's interest rate hike in focus

The dollar jumped to a 16-month peak on Monday as traders awaited a Federal Reserve interest rate hike in December, while worries over political risks in Europe weighed on the euro and sterling.

Photo: Reuters

The greenback surged 0.3 percent versus the Japanese yen and was last traded at 114.115, its top since Oct. 4. The U.S. currency remains supported by the strong U.S. Economy.

The euro was dragged down by worries over Rome’s dispute with the European Commission over its 2019 budget plan. The common currency sank 0.7 percent against the buck to its trough since June 2017 at $1.124.

Sterling dropped more than 1 percent to $1.2827 as uncertainty over Brexit agreement deepened.

The Aussie slumped 0.4 percent to $0.7194 per dollar.

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  • avatar-8426
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    I think it's too early to sell the buck while Fed continues to raise interest rates and the labor market is improving,

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