USD Sees Largest Daily Gains in Two Months

The U.S. Dollar (USD) rose on Tuesday for the second consecutive session and registered its biggest gains against major currencies since mid-June to settle at its highest closing level since November 4, 2020.

The Dollar Index (DXY) measures the greenback’s performance against a basket of six major international currencies increased by 0.54% to the level of 93.13.

The index has been moving in a range between 92.611 and 93.165, almost entirely in the positive territory in an upward trend, but moved in a smaller range for most of the American session, after finishing on Monday at 92.628.

The greenback showed a strong performance against the Japanese Yen (JPY), rising by 0.29% as the USD/JPY reached 109.59, moving closer to restoring the 110.00 key level, and against the Euro (EUR) by 0.59%, as the EUR/USD reached 1.1708, with the USD recording its biggest gains against the Japanese and European currencies in about two weeks.

Even bigger gains were seen against the Sterling Pound (GBP) at 0.74%, the highest since June 18, with the GBP/USD pair at 1.3740, the best level for the USD since July 21.