Market News
Rising dollar pressures peers as further Fed rate cuts questioned - REUTERS
By Samuel Indyk and Rae Wee
Summary
- Dollar underpinned by Fed rate outlook
- Sterling at mercy of gilt market
- Beijing steps up defence of yuan
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, surged to its highest in more than two years on Monday to peak at 110.17 , extending the recent rally.