Dollar Gaining Ground In Holiday Trading
November 12 2018 - 9:43AM
RTTF2
The dollar is rising against its major rivals Monday afternoon.
The Veterans Day holiday is keeping some investors away from their
desks, but concerns over Brexit and the Italian budget have helped
to drive the buck higher.
The budget stalemate between Italy and European Union has
investors in a cautious mood as the deadline to present a revised
budget plan by the Italian government neared.
Italian Deputy Premier Matteo Salvini said Sunday that the
government could block European Union budget decisions and other
policies if the bloc's partners continue to show disrespect to
Italians.
The EU has asked Italy to come up with a revised budget plan by
Tuesday.
European Central Bank Vice President Luis de Guindos cautioned
that Italy's budget crisis poses concerns about public finances
given high debt level and the political tensions around the Italian
government's budget plans.
The dollar has climbed to over a 16-month high of $1.1240
against the Euro Monday afternoon, from an early low of
$1.1330.
The buck has risen to around $1.2850 against the pound sterling
Monday afternoon, from a low of $1.2946 this morning.
The greenback reached an early high of Y114.207 against the
Japanese Yen Monday, but has since retreated to around
Y113.845.
Producer prices in Japan were up 0.3 percent on month in
October, the Bank of Japan said on Monday, unchanged from the
September reading. On a yearly basis, producer prices climbed 2.9
percent, slowing from 3.0 percent in the previous month.
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