FOREX

FOREX-Dollar touches highest level in more than 4 months amid Fed speculation – Reuters


 (Updates with early U.S. dollar activity, changes dateline, previous LONDON)
    * Dollar index up for a third straight session
    * Graphic: World FX rates tmsnrt.rs/2RBWI5E

    By Caroline Valetkevitch
    NEW YORK, Aug 10 (Reuters) - The U.S. dollar touched a its highest level in more than four months
against the euro on Tuesday, as investors speculated further over whether recent strong jobs data could be
enough to push the Federal Reserve to soon start tapering its bond-buying program.
    The U.S. dollar index, which measures the greenback against a basket of currencies, was up for a
third straight session, at its highest level in about three weeks.
    In cryptocurrencies, bitcoin was down 2% at $45,352.58, having hit a three-month high of $46,759
overnight. Ether was down 1.29% at $3,126.01.
    The dollar has risen recently with U.S. bond yields as the prospect of reduced Fed stimulus
weakened bond prices. 
    "The dollar is well bid and it's been well bid since the middle of last week," said Marc Chandler, chief
market strategist at Bannockburn Global Forex in New York.
    "A combination of hawkish comments from several Federal Reserve officials and the second monthly
increase of more than 900,000 jobs has reaffirmed what the market has suspected, and that is for a tapering
decision to be made shortly."    
    U.S. job openings hit a record high in June while hiring also increased, the Labor Department said in a
monthly survey on Monday.
    On Friday, the department's non-farm payrolls report showed jobs increased by 943,000 in July, above the
870,000 forecast by economists in a Reuters poll.
    Atlanta Federal Reserve Bank President Raphael Bostic said on Monday the U.S. economy is improving
faster than expected, with the time when the Fed could start slowing its bond purchases nearing quickly.

    Investors are looking for signals from the Federal Reserve at the annual Jackson Hole conference of
central bankers this month.
    U.S. consumer price data is due on Wednesday.
    The dollar index was last up about 0.1% on the day, while the euro was down 0.1% at $1.1720.
    Against the Japanese yen, the dollar rose 0.2% to 110.505 yen.
    The dollar was also up 0.2% versus the Swiss franc CHF-EBS, extending recent gains.
    Investors continue to be worried about growth in China and the fast-spreading Delta variant of the
coronavirus.
    Germany's ZEW survey found investor sentiment deteriorated for a third month in a row in August, due to
fears that rising COVID-19 infections could hold back the recovery in Europe's largest economy.
    ========================================================
    Currency bid prices at 11:04AM (1504 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct       High Bid    Low Bid
                                              Previous                   Change                   
                                              Session                                             
 Dollar index                 93.0480        92.9790     +0.09%         3.408%        +93.1390    +92.9360
 Euro/Dollar                  $1.1720        $1.1736     -0.13%         -4.07%        +$1.1743    +$1.1710
 Dollar/Yen                   110.5250       110.3400    +0.17%         +6.97%        +110.5900   +110.2850
 Euro/Yen                     129.53         129.48      +0.04%         +2.06%        +129.6800   +129.4200
 Dollar/Swiss                 0.9224         0.9207      +0.21%         +4.28%        +0.9234     +0.9196
 Sterling/Dollar              $1.3845        $1.3846     +0.00%         +1.34%        +$1.3872    +$1.3834
 Dollar/Canadian              1.2532         1.2579      -0.36%         -1.58%        +1.2588     +1.2521
 Aussie/Dollar                $0.7344        $0.7329     +0.18%         -4.56%        +$0.7356    +$0.7316
 Euro/Swiss                   1.0809         1.0802      +0.06%         +0.02%        +1.0818     +1.0795
 Euro/Sterling                0.8464         0.8474      -0.12%         -5.29%        +0.8480     +0.8451
 NZ                           $0.7002        $0.6991     +0.18%         -2.48%        +$0.7011    +$0.6969
 Dollar/Dollar                                                                                    
 Dollar/Norway                8.9270         8.9390      -0.21%         +3.88%        +8.9535     +8.9200
 Euro/Norway                  10.4644        10.5010     -0.35%         -0.02%        +10.5240    +10.4530
 Dollar/Sweden                8.7137         8.7118      -0.06%         +6.31%        +8.7241     +8.6973
 Euro/Sweden                  10.2141        10.2205     -0.06%         +1.37%        +10.2242    +10.2060
 

    
 (Additional reporting by Elizabeth Howcroft in London; Editing by Ramakrishnan M. and Subhranshu Sahu)
  

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