Dollar up 1.7% against yen as data hints stronger rate hikes

Monday, 05. December 2022 18:03

The United States dollar rose against several other major global currencies on Monday after a US services activity report showed the sector is in better-than-estimated shape. The unexpectedly high figure could have been interpreted by the markets as a sign the Federal Reserve will remain strongly committed to its battle against inflation, raising interest rates and keeping them at a high level until price growth returns to target.

The American currency jumped 1.65% against the yen, trading for 136.534 at 11:58 am ET. The euro lost 0.37% compared to the greenback, changing hands for 1.04910 at 11:59 am ET and the British pound dropped 0.95% against the dollar, going for 1.21682 at the same time.

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Author:
Baha Breaking News (BBN) / MS