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Dollar Holds Steady On Rate Hike Hopes


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The U.S. dollar climbed higher on Monday on safe-haven buying amid escalating tensions in Ukraine and calls for tougher sanctions on Russia, as well as on hopes the Federal Reserve will resort to aggressive monetary tightening to rein in inflation.

Upbeat non-farm payroll data for the month of March has raised hopes of steeper interest rate hikes by the Fed.

A surge in U.S. Treasury yields contributed as well to the dollar’s rise.

Traders also looked ahead to the release of the minutes of the central bank’s policy meeting in March for clues about the bank’s outlook for policy.

Data released by the Commerce Department today showed new orders for U.S. manufactured goods decreased in line with economist estimates in the month of February.

The Commerce Department said factory orders fell by 0.5% in February after surging by an upwardly revised 1.5% in January.

Economists had expected factory orders to decrease by 0.5% compared to the 1.4% jump originally reported for the previous month.

The dollar index, which advanced to 99.08, is currently hovering around 99.00, gaining nearly 0.4% from the previous close.

Against the Euro, the dollar is trading at $1.0973, firming from $1.1046.

The dollar is trading at $1.3115 against Pound Sterling, down slightly from Friday’s close of $1.3113.

Against the Japanese currency, the dollar is fetching 122.76 yen, nearly 0.2% more from 122.53 yen on Friday.

Against the Aussie, the dollar is at 0.7544, weakening from 0.7496.

The Swiss franc is at 0.9263 a dollar, down from 0.9255. The Loonie is at C$ 1.2485, gaining from C$ 1.2519, riding rising crude oil prices.

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