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Dollar Gains Against Major Rivals, Climbs To Fresh Near 2-decade High
(RTTNews) - The U.S. dollar climbed higher against its major rivals on Monday, with investors looking ahead to the crucial inflation data due later in the week, and betting on hopes the Federal Reserve will continue with its policy tightening moves.
Worries about growth and fresh curbs in Shanghai to halt the spread of Covid-19 infections contributed as well to the increased demand for the safe-haven currency.
Russia's decision to turn off Nord Stream 1, the biggest single pipeline carrying Russian gas to Germany, has raised energy crisis. Flows are expected to stop for 10 days, but it is feared that the shutdown might be extended due to war in Ukraine.
The dollar index surged to a fresh near two-decade high to 108.27, gaining about 1.2%.
Against the Euro, the dollar has firmed to $1.0043, gaining nearly 1.5%.
The dollar is trading at $1.1896 against Pound Sterling, strengthening from $1.2035.
Against the Japanese currency, the dollar is stronger, fetching 137.43 yen a unit, compared with 136.10 yen on Friday.
The dollar has firmed to 0.6736 against the Aussie, gaining from 0.6862.
Against Swiss franc, the dollar is stronger at CHF 0.9834, climbing up from CHF 0.9766.
The Loonie is trading at 1.3003 against the dollar, strengthening from 1.2941.
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