The US dollar continued to trade higher against major currencies with recent gains bringing the giant to its latest 1 -year high against the yen and a 4 -month high against the euro.
This was supported by a 10 -year surge in U.S. treasury yields that hit a recent 14 -month high of 1.77% during the New York trading session, before declining slightly in today’s Asian session.
At the time of writing, the dollar index is strong around 93.30 against six other major currencies.
U.S. consumer confidence data published yesterday became the focus of investors after it recorded the highest increase since the Covid-19 outbreak began.
This in turn supports the prospect that economic growth will pick up in the next few months driven by major fiscal stimulus and improved public health conditions.
Meanwhile, investors are now awaiting US President Joe Biden’s speech on Wednesday (American time), in which he will announce his $ 3 trillion infrastructure spending plan, which may include tax increases.
In addition, the US ADP employment data that will be published tonight will also be the focus of investors to get clues on the NFP report on Friday.
