Dollar surges to 9-month high

Arab News 0 تعليق 14 ارسل لصديق نسخة للطباعة

NEW YORK: The US dollar hit its highest level against the yen in 9 months on Wednesday and also surged against the euro and Swiss franc after a rally in oil prices pushed US Treasury yields higher, while strong private payrolls data bolstered expectations for a hawkish Federal Reserve next year.
The dollar rose as much as 1.9 percent against the yen to 114.53 yen, its highest level since March 2, while the euro fell nearly 0.9 percent against the dollar to a session low of $1.0554.
US crude prices rallied more than 10 percent as some of the world’s largest oil producers agreed to curb oil output for the first time since 2008.
The dollar was last on track to gain nearly 9 percent against the yen in November to mark its strongest monthly performance since August 1995.
The dollar also hit a roughly 10-month high against the Swiss franc of 1.0204 francs.
The gains in oil prices boosted views of higher inflation, which in turn sent US Treasury yields higher given the negative impact of inflation on bond prices.

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