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USD to Peak Against Euro in 4 Months

The United States dollar rallied to a four-month high against the euro and reached its peak in two weeks against the yen.

The USD rose to $1.1742 against the EU’s euro, continuing its 0.6% gain last Friday. This comes along with a strong US employment summary report, which stoked bets that a reduction in asset purchases could start this year and higher interest rates could follow in early 2022.

The employment situation summary report showed Friday that jobs increased by 943,000 in July, in comparison with the 370,000 projected by analysts in a Reuters survey.

Ken Cheung of Mizuho Bank said, “The strong US report appears to clear the last hurdle for the Fed’s tapering.”

The USD rose within two weeks to $1.38565 against the pound.

Earlier, the US dollar rose 0.4% against both the Australian and New Zealand dollars and then reversed to lose some value.

The Australian dollar rose 0.03% to $0.7356, and the New Zealand dollar gained 0.16% to $0.70205.