Market News

Dollar Rises to Highest Level Since July 2020 After U.S. Data - BLOOMBERG

NOVEMBER 25, 2021

BY  Benjamin PurvisBloomberg News

(Bloomberg) -- The greenback has surged to its strongest level in over a year, driven higher by rising Treasury rates that this week received a boost following U.S. President Joe Biden’s decision to renominate Jerome Powell as head of the Federal Reserve.

The Bloomberg dollar index was up as much as 0.4% after a swath of U.S. economic data was released Wednesday, including figures that showed jobless claims at the lowest level in decades. The move took it past its high from September 2020 and to a level unseen since July that year.

The gauge has added more than 2% so far this month as concerns about rising inflation have spurred bets on tighter Fed policy. The New Zealand dollar and Swedish krona were the biggest Group-of-10 currency decliners on the day.



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