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July 14, 2018

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Dollar strengthens

Ag Reuters

TOKYO: The dollar was buoyant near a 10-day peak on Friday, supported by Treasury yields that edged higher on expectations the U.S. inflation rate will rise.

Short to long-term U.S. Treasury yields rose after U.S. consumer prices data on Thursday showed a steady buildup of inflation pressure that could allow the Federal Reserve to hike interest rates as many as four times in 2018.The dollar index against a basket of six major currencies nudged up 0.1 percent to 94.875 and was close to 94.941, the 10-day peak scaled a day earlier. The index has risen 0.9 percent on the week.

"The dollar has benefited this week from the trade conflict concerns that emerged earlier, which ended up funnelling safe-haven bids into the currency," said Koji Fukaya, president of FPG Securities in Tokyo.

"On top of that, the U.S. economy has shown it is doing well and Treasury yields have risen, and these factors are all helping the dollar.

"Working in favour of the greenback, emerging market and commodity-linked currencies took hits this week after the United States threatened to impose tariffs on more Chinese goods, escalating the trade war between the world´s two biggest economies.

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