Dollar rallies on US growth expectations

GMT 02:02 2014 Saturday ,26 July

Arab Today, arab today Dollar rallies on US growth expectations

The US dollar rallied strongly
New York - XINHUA

The U.S. dollar continued rising against most major currencies Friday as upbeat U.S. durable goods data fueled expectations for stronger economic recovery.
The spot rate of the dollar index, which tracks the dollar's value against a basket of major currencies, rose 0.2 percent to 81. 04.
New orders for U.S. manufactured durable goods increased 0.7 percent in June, boosted by demand for transportation equipment, said the Commerce Department Friday. The increase was larger than market estimates and analysts believed the report due next week will show the U.S. economy grows faster in the second quarter.
In the contrary, a report from Ifo institute showed that German business climate index, based on a survey of 7,000 executives, slipped to 108 from 109.7 in June, raising concerns over the eurozone economy. The euro/dollar rate slid to the lowest level in eight months.
Meanwhile, geopolitical tensions still kept investors cautious. Four Israeli army tanks on Thursday shelled a UN-run school in a northern Gaza Strip town, killing 16 and wounding dozens of civilians who took refuge in the school, medics and witnesses said.
In late New York trading, the euro fell to 1.3433 dollars from 1.3464 dollars of the previous session, and the British pound decreased to 1.6977 dollars from 1.6984 dollars. The Australian dollar slipped to 0.9396 dollars from 0.9415 dollars.
The dollar bought 101.80 Japanese yen, lower than 101.83 yen of the previous session. The dollar went up to 0.9048 from 0.9026 Swiss francs, and it moved up to 1.0815 Canadian dollars from 1. 0747 Canadian dollars.

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