The dollar climbed against major currency pairs on Monday, briefly hitting a four-month high versus the euro, as investors encouraged by last week’s strong jobs report brought forward bets for an earlier tapering of Federal Reserve stimulus. The greenback strengthened as much as $1.1742 against the euro, extending a 0.6 percent pop from Friday, when the Labor Department’s jobs report stoked bets that the Fed could start trimming asset purchases this year and raise rates as soon as early 2023. The dollar also climbed as high as 110.37 Japanese yen, after a 0.4 percent rally at the end of last week, while the dollar index (DXY), which tracks the U.S. currency against six rivals, ticked down slightly but remained close to four-month highs. “U.S. payrolls were a game-changer,” Chris Weston, head of research at brokerage Pepperstone in Melbourne, Australia, wrote in an Aug. 9 note to clients. In July, America’s private employers …
Dollar Hits 4-Month High Against Euro as Jobs Data Triggers Fed Tapering Bets
August 9, 2021
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