Greenback gains against most rivals

Posted On: January 28, 2013

The U.S. dollar rose Monday against most of its top rivals after economic data released by the U.S. government regarding durable good orders showed stronger returns, according to The Associated Press.

The National Association of Realtors noted home sales index data indicated a 4.3 percent loss last month from November. But the U.S. Department of Commerce stated overall orders for durable goods rose 4.6 percent in December from the month prior. That indicated the manufacturing industry is growing stronger.

The world's reserve currency increased in value against the shared currency of the European Union, the English pound and the Swiss franc.

But Reuters reports the greenback lost value on Monday against the Japanese yen amid anticipations for the Bank of Japan to continue with its aggressive monetary easing programs.

"It's not a question of direction in dollar/yen, which is higher. It's a question of the pace of the dollar/yen's climb," senior currency strategist Michael Woolfolk with BNY Mellon in New York told Reuters, also expressing his opinion that the dollar will continue rising against the yen as the year proceeds.
 

Category: Industry News

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