U.S. Dollar closes at highest level since 2017
The dollar closed at its highest level in more than a year Thursday, buoyed by investors fleeing from volatile equity markets.
The WSJ dollar Index, which measures the U.S. currency against a basket of 16 others, rose 0.1% Thursday to 90.48, its highest close since May 2017.
The dollar has climbed this week as investors have sought relatively safe assets during turmoil in global equity markets. The Nasdaq Composite slipped into correction territory and major indexes erased their gains from 2018 on Wednesday, sending investors into assets that traditionally have less risk, such as Treasurys and gold.
U.S. stocks roared back on Thursday after days of declines.
The greenback’s strength this week has come even as President Trump criticized Federal Reserve Chairman Jerome Powellfor raising interest rates too quickly.
Investors will be watching third-quarter gross domestic product figures in the U.S. on Friday for further signals on the health of the economy, which could impact the path of the dollar. Fresh data released Thursday showed demand for long-lasting goods produced by U.S. factories rose in September, driven by military aircraft orders, according to the Commerce Department.
The euro was down 0.15% to $1.1377. The dollar rose 0.1% against the yen to ¥112.4150.
Source: The Wall Street Journal