US Dollar retreats from monthly highs, holds onto daily gains

Share:

• The US Dollar traded strongly against its rivals on Thursday, and the DXY index rose to monthly highs.
• GDP and Durable Goods data came in higher than expected as well as the weekly Initial Jobless Claims.
• Despite strong data, US bond yields and hawkish bets on the Fed declined, preventing the USD from climbing higher.

The US Dollar (USD) measured by the US Dollar Index (DXY) rose toward 106.90, its highest level since early October, seeing nearly a 0.3% gain and then settled at 106.60 on Thursday. Since Tuesday, the DXY index has gained more than 1%, and the Greenback is outperforming its rivals as strong economic data increases its demand. However, dovish bets on the Federal Reserve (Fed) may limit those gains.