The dollar maintained its ascendancy as investors switched their focus back to the timeline for U.S. interest-rate increases. Asian stocks retreated with Japan out for a holiday, while gold extended losses at a five-year low.
The greenback was steady at $1.0829 per euro by 9:17 a.m. in Tokyo, after climbing the most since May versus the common currency last week. The Bloomberg Dollar Spot Index rose 0.1 percent in a fourth rising day. The MSCI Asia Pacific excluding Japan Index slipped 0.2 percent, while Standard & Poor’s 500 Index futures were little changed. Gold dropped a sixth day.
The dollar is coming off its best week in two months after Federal Reserve Chair Janet Yellen reaffirmed the outlook for higher U.S. interest rates, with concerns over Greece and the Chinese stock rout receding. Commodity currencies are near multi-year lows, with New Zealand projected to join Canada in cutting borrowing costs this week amid sliding prices for oil to metals and dairy. Indonesian markets are also closed Monday, while Greek banks reopen following a three-week shutdown.
Source : Bloomberg