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Forex – Dollar Continues to Ride EUR/USD Slump to Fresh 2018 Highs


Investing.com – The dollar remained close to 2018 highs supported by an ongoing slump in both the euro and sterling, while bullish labor market data also lifted sentiment.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.33% to 92.92. The greenback rose to an intraday high of 93.13.

The U.S. Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in March improved to about 6.55m, beating expectations of 6.02m.

Also helping the dollar extend its bullish run was an ongoing slump in both the euro and sterling.

GBP/USD fell 0.15% to $1.3538 after data showed U.K. house prices rose less-than-expected in April, further eroding investor hopes for a Bank of England rate hike later this week.

EUR/USD fell 0.38% despite an uptick in German industrial production as traders braced for another bout of political uncertainty in the region after coalitions talks in Italy failed, raising the prospect of fresh elections in the country.

The uptick in the dollar emerged as safe-haven demand ticked higher, supporting the yen, ahead of U.S. President Donald Trump’s decision on the Iran nuclear deal slated for 2 pm E.T.

USD/JPY rose 0.01% to Y109.61, while USD/CAD rose 0.57% to C$1.2954. The Canadian dollar came under pressure as oil prices slumped after traders appeared to cut their bullish bets on oil ahead of Trump’s announcement.

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