Greenback ascends, euro dives after soar

Greenback ascends, euro dives after soar

On Monday, the US currency gained versus a basket of the other key currencies after data disclosing that American job surge cooled in December didn’t manage to change hopes for further Fed rate lifts this year.

Assessing the greenback’s value versus a trade-weighted basket of six key currencies, the US dollar index tacked on 0.25% reaching 91.98, adding from its January 2 dip of 91.47 that was the lowest reading since September 20.

In December, the American economy generated up to 148,000 jobs, according to the Labor Department, which is below the 190,000 estimate by financial experts.

The US currency briefly dived to the day’s minimums following the report before regaining ground.

Higher interest rates tend to drive the US currency by simply making it more attractive to yield-seeking traders.

The greenback started 2018 on the back foot after the US dollar index sank 9.8% last year, which is its biggest annual percentage drop since 2003.

The greenback rose versus the Japanese yen, with USD/JPY adding 0.25% reaching 113.33.

The common currency declined, with EUR/USD losing 0.25% hitting 1.1999.

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