Dollar Strengthens after Positive U.S. Data

The dollar strengthened following the latest U.S. upbeat data that has shown economic growth early in the fourth quarter, raising the chances of the Federal Reserve tightening monetary policy. The dollar index climbed 0.1 percent to 101.79.

Investors are implying in almost a 100 percent likelihood of a December Fed rate hike, according to CME FedWatch. Latest U.S. data has shown new orders for U.S. manufactured capital goods rebounded in October due to increasing demand for equipment and machinery. The dollar rose 0.1 percent at 112.56 against the Japanese yen.

The euro brushed off the positive reading on business activity and fell 0.1 percent to $1.0540.

News are provided by InstaForex