Dollar rallies against the euro and yen
Published Nov 30, 2016 12:40PM ET
Updated Nov 30, 2016 12:54PM ET
Fresh economic data fuels market.
Investing.com - The dollar rallied against the yen and the euro on Wednesday, but lost ground with the pound. The figures for the currencies are available here: USD/JPY, theEUR/USD and the GBP/USD. The greenback was bolstered by sound economic reports from the U.S. The euro closed at 1.0595; the yen closed at 0.8741. The pound finished the day at 1.2512, an uptick of 0.02%.
Incomes and household spending grew at a rapid pace for the second straight month in October, a government report showed, demonstrating that consumers, rather than businesses, are supporting economic growth in the U.S.
Another economics report released today showed that private-sector hiring continued at a quick pace this month, showing the economy is stronger now than earlier this year. Additional reports are due out later this week on employment figures.
The Federal Reserve is poised to take a more strict view on monetary policy next month, and higher interest rates are expected to bolster the dollar, making the currency appealing to investors seeking yield. Additional interest rate increases may be in the offing during the first few months of the new Trump Administration.
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Written By: Investing.com
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