US Dollar Trades Close to Multi-Week Highs Over Strong US Economic Data
Arslan Butt • 1 min read
Early on Friday, the US dollar continues to hold steady and trade close to multi-week highs over increased safe haven appeal on the back of rising uncertainties in the US-China trade war. At the time of writing, the US dollar index DXY is trading at around 99.14
Positive economic data coming out of the US even as other countries release weaker than expected figures continue to support the US dollar. Amid rising global economic weakness, the US economy continues to fight and stay strong, despite the rising trade tensions on multiple fronts.
Recent positive comments on US-China trade talks from both countries have also improved the sentiment towards the Greenback lately, as markets hope that a trade deal would soon work out and the trade dispute could be resolved. Additionally, a less dovish than expected Fed even as other central banks turn more dovish are also increasing the appeal of the dollar and the US economy.