Greenback hovers at Eight-month peak on mounting fee hike hopes

© Reuters. Dollar remains at 8-month highs vs. rivals with eyes on Fed

Investing.com – The dollar hovered at eight-month highs against the other major currencies on Monday, as mounting hopes for a December rate hike by the Federal Reserve continued to boost demand for the greenback.

added 0.17% to 123.00.

The dollar remained supported after a string of upbeat U.S. data released over the week added to expectations that the Federal Reserve will raise interest rates next month.

Meanwhile, the yen came under pressure after data on Monday showed that rose 1.4% in October, disappointing expectations for an increase of 1.9%, after a 1.1% gain the previous month.

slipped 0.14% to fresh seven-month lows of 1.0579.

Sentiment on the euro remained vulnerable as European Central Bank President Mario Draghi has been signaling in recent weeks that the bank is ready to act quickly to boost inflation in the euro zone and can also change the level of its deposit rate to boost the impact of quantitative easing.

Earlier Monday, data showed that fell 0.4% in October, compared to expectations for a 0.4% rise and after a flat reading the previous month.

Elsewhere, the dollar was higher against the pound and the Swiss franc, with down 0.08% at a seven-month trough of 1.5018 and with adding 0.10% to 1.0302.

Official data earlier showed that rose by £4.8 billion in October, in line with expectations and after a £4.9 billion increase the previous month.

In Switzerland, data showed that the slipped to 97.9 this month from 100.4 in October, whose figure was revised from a previously estimated reading of 99.8. Analysts had expected the index to hit 100.2 in November.

The Australian and New Zealand dollars were stronger, with up 0.26% at 0.7207 and with gaining 0.35% to 0.6556.

The kiwi strengthened after data on Monday showed that the rose to 14.6 in November from 10.5 the previous month. Analysts had expected the index to climb to 15.0 this month.

Meanwhile, held steady at 1.3373, near last week’s two-month high of 1.3437

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at a fresh eight-month peak of 100.23.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Greenback hovers at Eight-month peak on mounting fee hike hopes