Forex

Dollar extends gains to 20-year highs

2022-07-05 14:56:47 GMT (Economies.com)

Dollar rose in European trade for the third straight session, marking 20-year highs amid stellar demand on the greenback.

 

Traders await crucial US labor data later today, which will offer clue on economic performance this quarter. 

 

The Index

 

The dollar index rose over 1.1% to 106.32, the highest since December 2002, after closing up 0.1%, the second profit in a row. 

 

Investment opportunities 

 

Dollar represents an important safe haven right no as investors shun risker assets due to concerns about global recession. 

 

The gains came as Fed Chair Jerome Powell asserted efforts to control runaway inflation even if it caused economic pain. 

 

Labor Data

 

Now traders await data on US labor sector in June, including non-farm payrolls and unemployment and wages. 

 

The data are crucial to determine the path forward for the Federal Reserve's monetary policy. 

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