The dollar climbed to the highest in almost two months after a private-sector report showed U.S. manufacturing rose last month, adding to signals the world’s biggest economy is improving.
Investors should bet the dollar will fall against its Canadian counterpart on expectations the Federal Reserve will introduce more stimulus, according to BNP Paribas SA.
The pound strengthened the most in more than a week against the euro after U.K. reports showed construction output slowed less in April than economists forecast and mortgage approvals unexpectedly rose in March.
The pound, the best-performing major currency in the past year, strengthened after the Bank of England said further gains are possible as Britain’s economy expands amid falling unemployment.
Dollar bulls weren’t wrong about the currency of the world’s largest economy -- just early.
The franc strengthened after the Swiss central bank stopped short of announcing a target rate or temporary peg to the euro in its third attempt in as many weeks to drive down the currency.
The pound strengthened for a fourth day against the dollar after a government report showed U.K. retail sales rose more in February than economists predicted.
"Both of those currencies will appreciate from here."
- Steven Saywell on Jul 14, 2014
BNP’s Steven Saywell Sess Slow U.S. Economic Growth
Saywell Says Setting One Rate Is Problem for ECB
BNP’s Saywell Says The Euro Will Weaken to $1.28
BNP’s Saywell Says Investors ‘Question’ Low Yields
Saywell Says Spanish Auction ‘Helping Sentiment'