Dollar Edged Higher in The Wake of Solid U.S. Jobs Data

by on July 7, 2014 8:05 am BST

The euro eased 0.1 percent to about $1.3585, having pulled back from a high of $1.3701 on July 1, its highest level in about six weeks while the dollar edged higher on Monday and touched its highest level in more than a week versus a basket of major currencies, staying on firm footing in the wake of last week’s solid U.S. jobs data.

The greenback held steady versus the yen near 102.14 yen, after having risen 0.7 percent last week.

Last week’s solid U.S. jobs data prompted traders to slightly increase bets that the Fed will lift rates in June next year. Several economists toyed with the idea of bringing forward their forecasts for a Fed rate hike, although most held firm.

The single currency could stay under pressure after a top European Central Bank official underscored the need for interest rates to remain low for longer.