U.S. dollar raises vs most currencies as Fed taper talk gathers pace – Markets

 U.S. dollar raises vs most currencies as Fed taper talk gathers pace – Markets

NEW YORK: The dollar climbed to a two-week peak against a basket of currencies on Monday, bolstered by expectations the U.S. Federal Reserve could reduce its asset purchases by the end of the year despite a surge in COVID-19 cases.

The greenback, however, came off its highs in afternoon trading.

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.

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

Dollar dips on stronger…

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