Market News
Rising dollar pressures peers as further Fed rate cuts questioned - Reuters
By Laura Matthews and Samuel Indyk
Summary
- Dollar underpinned by Fed rate outlook
- Sterling at mercy of gilt market
- Beijing steps up defence of yuan
NEW YORK/LONDON, Jan 13 (Reuters) - The U.S. dollar rose on Monday, driving its peers to multi-year lows, after Friday's blowout U.S. jobs report underscored the strength of the economy and muddied the outlook for further Federal Reserve rate cuts this year.
The dollar index, which measures the U.S. unit against a basket of currencies, was up 0.24% at 109.9. It surged to its highest in more than two years on Monday, peaking at 110.17 , extending the recent rally.