NEW YORK: The U.S. dollar rose modestly against a basket of currencies on Thursday, buttressed by higher U.S. bond yields and the view the Federal Reserve would raise interest rates further on signs of ongoing economic growth.
The dollar also has found support from reduced fears about a U.S. trade war with China and that Western air strikes on Syria would intensify.
The Federal Reserve´s latest Beige Book, released on Wednesday, showed the U.S. economy was growing at a modest to moderate pace in March through early April.
Nevertheless, the greenback remains on a bearish path on expectations that the U.S. trade and federal deficits would balloon in the coming quarters, many analysts said.
"We have been in a remarkable stable range since February," said Paresh Upadhyaya, director of currency strategy at Amundi Pioneer Investments in Boston.
"There are opposing factors that have kept the dollar in this narrow range." The dollar index, which tracks the greenback against a basket of six currencies, gained 0.12 percent, to 89.626. It has moved between 88.253 and 90.932 since mid-February. U.S. two-year Treasury yield hit 2.431 percent on Wednesday, which was its highest since September 2008, data showed.
London: Simultaneous disruption in the Panama and Suez canals, two vital corridors for global trade, is threatening...
Shanghai: China’s consumer prices fell 0.5 percent year on year in November, the sharpest decline in three years as...
LAHORE: Pakistan is far behind in exports of services where the buyer observes the quality of product after delivery...
ISLAMABAD: The country's corporate sector expanded by 8 percent in the first five months of the current financial...
ISLAMABAD: A group of Pakistan's leading textile industrialists will seek to relocate some Chinese industry in...
ISLAMABAD: The expected approval for the release of a U$700 million tranche for Pakistan from the IMF’s executive...