Dollar extends gains and rises to near 5-month high

WASHINGTON (dpa-AFX) – The US dollar climbed higher on Tuesday, extending its dominance against its major peers. Rate cuts are not expected to be aggressive next year as prices could move higher under the Donald Trump administration due to the proposed rate hike.

Investors are waiting for key U.S. inflation data, reports on retail sales and industrial production, and commentary from FOMC members for additional clues about the Fed’s interest rate trajectory.

The dollar index, which climbed to an almost five-month high at 106.18, stood at 105.92 a while ago and gained about 0.35%.

Against the euro, the dollar strengthened from 1.0656 to 1.0627, and strengthened from 1.2868 to 1.2749 against the British pound.

The dollar climbed against the Japanese currency, fetching 154.65 yen per unit, compared with Monday’s close of 154.65 yen. Against the Aussie, the dollar strengthened from 0.6574 to 0.6534.

The dollar gained marginally against the Swiss franc at CHF 0.8820. Against the Loonie, the dollar rose from C$1.3925 to C$1.3945.

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