The dollar was poised on Friday for its strongest gain in five months as investo...
TOKYO - The dollar was poised on Friday for its strongest gain in five months as investors responded positively to a bounce in U.S. Treasury yields and as some of its rivals were hit by dovish signals from their own central banks.
The index was on track for a more than one percent rise in March, its best monthly performance since gaining 2.1 percent in October last year. It has risen 1.5 percent from a near two-month low of 95.74 brushed on March 20. The euro and sterling have fallen this week as yields affecting the currencies have plunged, Daiwa Securities’ senior currency strategist Yukio Ishizuki said.“Though U.S. yields have dropped, investors seem to have sold currencies from markets about which they have the biggest worries about the state of the economy. That seems to have lifted the dollar,” he added.
Sterling licked its wounds on Friday, last trading up 0.2 percent at $1.3065 after sinking more than 1 percent overnight as the prospects for a swift agreement on Brexit faded. The country’s jobless rate fell in the same month to 2.3 percent, underscoring a tight labour market despite tepid wage gains and inflation.“Investors are hoping for some signs of progress to bolster sentiment, although indications from the U.S. are that this will now be a long process,” said Nick Twidale, chief operating officer at Rakuten Securities Australia.
Earlier, sources told Reuters that China has made proposals in talks with the United States on a range of issues that go further than it has previously.
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