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US dollar rises after consumer confidence uptick

Wednesday, August 31, 2016 - 06:25

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The US dollar on Tuesday continued rising against major currencies following a gain in US consumer confidence.

[NEW YORK] The US dollar on Tuesday continued rising against major currencies following a gain in US consumer confidence.

Markets were also anticipating Friday's release of official US figures on monthly job creation, which could help determine the timing of the next rise in US interest rates.

Towards 2100 GMT, the euro was at US$1.1143, down from US$1.1187 on Monday while the dollar stood at 103.02 yen, up from 101.88.

The pound fell to US$1.3076, down from US$1.3105.

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"The dollar kind of regained momentum today," said Vassili Serebriakov of Credit Agricole.

The Conference Board reported Tuesday that its index of consumer confidence this month had seen reached its highest point in almost a year, standing at 101.1, up from 96.7 in July, on optimism about future jobs and income generation.

"The US numbers probably helped today. Consumer confidence was the strongest since 2015," Mr Serebriakov told AFP. "It's all on the dollar side for the euro-dollar."

AFP

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