NEW YORK, Aug 16 — The dollar gained today as it benefited from expectations that the US economy will be stronger than peers and the Federal Reserve will continue to hike interest rates.
"The market is slowly pricing in a worse outcome this winter in Europe and that’s the major reason the dollar’s stayed so strong,” said Adam Button, chief currency analyst at ForexLive in Toronto."While the US outlook is deteriorating, it still looks better than Europe and much of Asia.”The euro rose 0.08 per cent against the dollar to US$1.0167 , after earlier falling to US$1.0121, the lowest since Aug. 3. The greenback gained 0.93 per cent against the yen to 134.57 yen.
The greenback was higher on the day even after US data showed that US homebuilding fell to the lowest level in nearly 1-1/2 years in July, weighed down by higher mortgage rates and prices for construction materials.The US currency has also benefited from safe haven flows as weak Chinese data and a surprise rate cut by China's central bank on Monday raise concerns about global growth. The dollar has"supplanted the yen as the preferred safe haven in the fx market,” said Button.
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