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The dollar is set to record its best monthly gain since March on Wednesday, June 30, supported by traders’ concerns ahead of hard-to-predict US jobs data and concern that the delta strain of the Coronavirus will delay the recovery from the pandemic.
The dollar gained about 2.5% against a basket of currencies from the beginning of this month, and most of the gains were in the wake of a sudden shift in the future outlook of the Federal Reserve towards raising interest rates.
Traders believe that the currency may register a sharp move in either direction if the business data provides any indications of pressure on policy makers.
Yesterday, currencies exposed to commodities and high-risk suffered the largest loss, the Australian and New Zealand dollars lost about 0.7% against the dollar, while the Canadian dollar lost about 0.5%.
These currencies stabilized in the Asian session, as well as the yen, Japanese and Swiss franc, which are two of the haven currencies and were coherent yesterday.
The euro scored 1.1900 dollars, while the Japanese currency hit 110.49 yen against the dollar, and the Australian dollar recorded 0.7518 dollars, all of which are near its lowest levels against the US currency in the recent period.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, settled at 92.041, after touching a one-week high of 92.194 on Tuesday. The index gained 2.5% in June.
