15:22
MarocTique
Forex News – Dollar Rises on Prospects U.S. Economic Growth to Outpace Peers
The dollar gained versus its peers for a second day amid speculation the U.S. economy, the world’s largest, will outpace other Group-of-10 nations.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, rose before the Federal Reserve releases its Beige Book on economic conditions. The euro fell ahead of a speech today by European Central Bank President Mario Draghi amid concerns Germany is slipping toward recession. The pound touched an 11-month low after a report showed U.K. inflation fell to levels unseen in five years.
“The U.S. is in a much better place compared to its peers,” said Stan Shamu, a markets strategist in Melbourne at IG Australia, a unit of IG Group Holdings Plc. “The U.S. dollar will ultimately benefit.”
The Bloomberg dollar index rose 0.1 percent to 1,069.31 as of 11:29 a.m. in Tokyo from yesterday, when it advanced 0.3 percent. The dollar gained 0.2 percent to $1.2638 per euro, adding to a 0.7 percent rally yesterday, the most since Oct. 3. The greenback was little changed at 107.08 yen. The euro fell 0.1 percent to 135.35 yen.
The U.S. economy will expand 2.2 percent this year and 3 percent in 2015, according to Bloomberg news surveys. The euro area will grow 0.8 percent and 1.3 percent, while Japan will gain 1 percent in 2014 and 1.2 percent, the surveys predict.
Source: Bloomberg
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