Central banks around the world are giving investors the green light to buy the dollar, pushing it to a three-week high against its major counterparts after the Federal Reserve ended its bond-purchase stimulus program.
The greenback rose for a second day versus the euro as reports showed the U.S. economy expanded more than forecast in the third quarter. The shared currency, set for its biggest annual drop since 2005, slid before a report tomorrow that analysts said will show inflation remained below the European Central Bank’s target. Brazil’s real rallied after an unexpected rate increase, while Norway’s krone reached the lowest since 2009.
“The combination of the market’s reaction to the Fed policy announcement and now the data is supportive of a shift of focus from the end of quantitative easing to the next policy move,” Nick Bennenbroek, head of currency strategy at Wells Fargo & Co., said in a phone interview. “The dollar has had a good 24 hours.”
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, reached 1,073.85, the strongest since Oct. 6, before trading little changed at 1,068.91 at 10:35 a.m. New York time. It gained 0.6 percent yesterday.
The dollar added 0.1 percent to $1.2616 per euro after appreciating to $1.2548, also the strongest level since Oct. 6. The greenback traded at 108.89 yen after touching 109.36, the highest since Oct. 6. Japan’s currency rose 0.1 percent to 137.39 per euro.
via Bloomberg
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