The Dollars Bullish Approach Preserves Bulk of Gains on US Growth
Since February last year, now the dollar has moved towards its highest monthly gain against the euro as the indications of the strengthening U. S. economy encourage traders to enhance predictions for higher rates of interest.
The U. S. currency has gained against all of its sixteen major counterparts but one in July as report reveal that gross domestic product made a comeback. The consumer confidence got a boost and the orders for durable goods increased.
Yesterday the treasurys ten year yields jumped to a two weeks high whereas the prediction of the economists from U. S. Labour Department will tomorrow show that the employers in the U. S. furthered some 200,000 or more jobs for the sixth month.
The value of the Australian dollar declined and approached a low of eight-weeks when the growing approvals surprisingly dropped.
Naohiro Nomoto who is an associate for foreign-exchange trading at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York said, "The tide has turned in the markets after the GDP data, with long-term U. S. yields finally rising again and increasing the momentum for dollar buying. Investors have priced in a strong payrolls report."
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