The dollar ascended Monday in Asia, hitting multi-month highs against the euro, the yen and the Canadian dollar, driven by continued speculation that U.S. President-elect Donald Trump’s fiscal stimulus will boost the U.S. economy and lead to further rate increases by the Federal Reserve.
Speculation has grown that Trump’s possible spending expansion and tax cuts will bolster the U.S. economic growth and the Federal Reserve will raise rates in December and continue its tightening path next year. Higher interest rates on dollar assets tend to attract investment from abroad.
The euro EURUSD, -0.5619% was at $1.0794 after hitting the 10-month low of $1.0773 earlier in the day, according to EBS via CQG. The euro was at $1.0856 late Friday in New York.
The dollar EURJPY, +0.28% was at ¥107.54 yen after hitting as high as ¥107.59, the highest level since June 7, earlier in the day. The dollar was at ¥106.69 late Friday.
Yet, some market participants remained cautious about the longer-term outlook for the dollar given uncertainty over the combination of economic measures Trump could take.
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