The US dollar rose on Friday, extending gains after upbeat data on personal income, spending and manufacturing in the US Midwest, with market participants also taking profits on the currency’s short dollar positions this month.
The US dollar index was down 2.1 percent for last month, its largest monthly loss since December last year.
Next week’s US data, which includes non-farm payrolls for last month and key US manufacturing and services indices, should reinforce expectations of a strong recovery from the COVID-19 pandemic by the world’s largest economy.
“Another round of potentially strong data in the US may add pressure to start discussing tapering,” ING said in its latest research note.
“With some possible fresh weakness in Treasuries on the way, the US dollar might find some respite against the low-yielders,” the bank added.
After the US Federal Reserve’s policy meeting on Wednesday, Fed Chair Jerome Powell acknowledged the US economy’s growth, but said there was not enough evidence of “substantial further progress” toward recovery to warrant a change to its ultra-loose monetary settings.
Friday’s data showing a 4.2 percent rebound in US consumer spending in March, amid a 21.1 percent surge in income as households received additional COVID-19 relief money from the government, supported the US dollar.
“Powell remained firm on the Fed’s interest rate path and QE [quantitative easing] program on Wednesday, leaving traders with the uncomfortable feeling inflation could run away — and run away quickly,” Cambridge Global Payments currency analyst Adam Corbett said in a research note after the data.
Similarly, the US dollar also gained after the Chicago purchasing managers’ index showed a reading of 72.1 for last month, the highest in almost four decades.
In Taipei on Thursday, the New Taiwan dollar fell against the greenback, losing NT$0.012 to close at the day’s low of NT$27.950, but was up 0.6 percent for the week. Markets in Taiwan were closed on Friday for International Workers’ Day.
The US dollar index on Friday rose 0.75 percent to 91.30 to post the largest the daily gain since late February. It rose 0.5 percent for the week.
The Canadian dollar climbed to a more-than three-year high of C$1.2266 per greenback on Friday, posting a 1.6 percent weekly gain, its biggest since early November last year.
The euro traded 0.8 percent lower at US$1.2025, posting its largest daily percentage fall since late February.
However, it was up 2.5 percent for the month versus the US dollar, its best monthly showing since July last year.
The US dollar also rose against the yen, up 0.3 percent at ¥109.29, rising 1 percent for the week.
Additional reporting by CNA, with staff writer
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