U.S. dollar rises vs most currencies

NEW YORK (Reuters) – Daily Forex Signals – The dollar climbed to a two-week peak against a basket of currencies on Monday, bolstered by expectations the U.S.

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The dollar index earlier rose to 92.887, its highest since Aug. 27. It was last up slightly at 92.664.

A round of U.S. economic data is due out this week, starting with consumer prices on Tuesday, which will give the latest update on how hot inflation has been ahead of next week’s Fed meeting.

Philadelphia Fed President Patrick Harker became the latest official to say he wants the central bank to start tapering this year, saying in a Nikkei interview that he was keen to scale back asset purchases.

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Tapering talk has boosted the dollar, said Erik Nelson, macro strategist at Wells Fargo (NYSE:WFC) Securities in New York.

“We noticed from the Fed communication that they would like to de-link the taper from the rate hike,” Nelson said. “But it will take a lot of convincing and frankly a lot of time for the market to change its reaction function. For now, a taper timeline is closely linked to a rate hike timeline in the market.”

The Wall Street Journal reported on Friday that Fed officials will seek an agreement to begin paring bond purchases in November.

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Aside from inflation, U.S. retail sales and production figures are also scheduled for release this week.

“Another high CPI (consumer price index) reading this week in the face of weakening economic data could begin to paint the Fed into a corner as pressure mounts for stimulus normalization,” said Christopher Vecchio, senior analyst at DailyFX.com, the research unit of forex broker IG.

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Against the yen, the dollar was up 0.1% at 110 yen. The dollar also gained 0.5% versus the Swiss franc to 0.9228.

In the cryptocurrency market, bitcoin was down 2.8% at $44,762.

Litecoin, with a market cap of nearly $12 billion and one of the earliest digital currencies in circulation, fell 2.6% to $180.78, according to crypto data tracker CoinGecko, after Walmart (NYSE:WMT) Inc said a press release regarding the retailer’s partnership with the cryptocurrency was fake. Pound Set to Snap Losing Streak Vs US Dollar COVID-19

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U.S. dollar rises vs most currencies / ECB Leaves Rates, Asset Purchases Unchanged

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