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Greenback is at 8-month peaks vs. other majors

On Monday, the greenback traded higher against other key currencies, as sustained hopes for a 2016 American rate lift kept lending broad support to the major American currency.

The currency pair EUR/USD almost stood still, trading at 1.0876, which is close to Friday’s seven-month drop of 1.0857.

The greenback remained broadly supported after New York Fed President William Dudley informed that the major US bank will probably increase interest rates later this year if the US economy remains on its current trajectory.

Growing hopes that Hillary Clinton will win the American presidential election have also contributed to the view that a December rate lift is likely.

Meanwhile, market sentiment on the common currency was still fragile after ECB President Mario Draghi unveiled that the bank might extend its stimulus program already in December.

The currency pair GBP/USD dropped 0.20%, trading at 1.2204, while USD/JPY tacked on 0.11%, hitting 103.89.

 

 

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