Monday, 21 May 2018 14:00

Dollar index touches hits 6-month high on trade optimism

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The U.S. dollar surged anew on Monday, with a key dollar index at its best level since late last year, as investors cheered signs of easing trade tensions between the U.S. and China.

Meanwhile, the euro remained under pressure on continuing political developments in Italy.

Check out: How much the weak dollar lifted Q1 earnings for multinationals: Ameriprise[1]

What are currencies doing?

The ICE U.S. Dollar Index DXY, +0.13%[2] which measures the dollar against six rivals, most notably the euro, was up 0.1% at 93.747, after earlier touching a high for 2018 and setting it up for the best finish since November 2017. The index gained 1.2% last week, its best weekly gain since one ending April 27, according to FactSet.

The WSJ Dollar Index BUXX, +0.10%[3] a broader measure of the greenback that also includes emerging-markets currencies, was up 0.1% at 87.27, after gaining 1% last week, also the biggest weekly gain since April 27.

The euro EURUSD, -0.0340%[4]  was little changed against the buck at $1.1771, paring earlier losses.

Elsewhere, the British pound GBPUSD, -0.2970%[5]  slid to $1.3425, compared with $1.3466 late Friday. Sterling is now trading at its lowest dollar level since late December.

Against the Japanese yen USDJPY, +0.33%[6] the dollar surged to ¥111.22, from ¥110.75 late Friday.

The Turkish lira was taking a major hit against the dollar on Monday, hitting a fresh record low with the dollar buying 4.5755 lira USDTRY, +1.9881%[7]  compared with 4.4917 late Friday.

Don’t miss: Turkish lira hits historic low as Erdogan eyes control of country’s central bank[8]

The Canadian dollar USDCAD, -0.2018%[9]  and Mexico’s peso USDMXN, -0.2165%[10]...

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