Forex - Dollar pushes higher as market volatility eases

© Reuters. Dollar pushes higher as market volatility eases

Investing.com - The U.S. dollar pushed higher against a basket of the other major currencies on Monday as some of the market volatility of last week eased and data showed that Japan’s second quarter growth beat forecasts.

The , which measures the greenback’s strength against a trade- weighted basket of six major currencies, was up 0.22% to 93.18 by 04:00 a.m. ET (08:00 a.m. GMT).

The dollar had come under pressure on Friday as weaker-than-expected tempered expectations for a third interest rate hike by the Federal Reserve this year.

Risk appetite improved as tensions over eased. Chinese President Xi Jinping on Saturday called for a peaceful resolution to the North Korean nuclear issue, and urged all sides to avoid words or action that raise tensions.

The dollar was higher against the yen, with rising 0.49% to 109.7.

In Japan, data on Monday showed that grew by in the second quarter or in annualized terms, which was higher than the 2.5% expected.

Elsewhere Chinese retail sales and industrial production rose by and respectively in July, but this was .

The dollar was also higher against the Swiss franc, with advancing 0.41% to 0.9656.

The yen and the Swiss franc posted large gains against the dollar last week, rising 1.47% and 1.14% respectively as heightened tensions between the U.S. and North Korea sparked a flight to safety.

The currencies are often sought in times of geopolitical tension or market turbulence because both countries have large current account surpluses.

The euro was a touch lower against the dollar, with dipping 0.1% to 1.1809 ahead of a report on euro zone industrial production later in the day.

Sterling was little changed against the greenback, with at 1.3002.

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