Dollar rises

HONG KONG: The dollar on Monday clawed back some of last week´s losses against emerging market currencies after a top Federal Reserve official raised the prospect of a 2015 interest rate hike, while hopes for a pick-up in demand helped oil to score more gains.
The greenback tumbled after data at the start of the month showed US jobs creation stuttered in September, complicating the Fed´s plan to increase borrowing costs and tempering worries about a withdrawal of investment from developing economies.
Regional equities also surged last week on hopes for easier US monetary policy, bouncing back after their worst quarter in four years. And most markets extended those gains on Monday, with Shanghai enjoying a third straight rally after a week-long holiday.
Global markets went into meltdown in August after China devalued its yuan currency, fanning worries about the state of the world´s number two economy, while traders were also on edge over the expected US rate rise.
On Sunday Fed vice chairman Stanley Fischer said the bank expected to stick to its plan to tighten monetary policy by the end of the year, although he added that the plans were an "expectation, not a commitment".