Stronger Dollar Seen Following Robust Economic News
A stronger dollar was seen following robust economic news, saying the dollar value was now pegged at 1.4613 against euro. Economists are now moving to see how the Federal Reserve will react to changes to curb the impending inflation.
Following robust economic reports in November, the US dollar value has surged to a two-month high against the much stronger euro on Friday, giving impression that the Federal Reserve will soon lift the interest rate in the near future.
On Friday, the US dollar was pegged at 1.4613 against the euro. It was relatively higher that the 1.4732 posted late Thursday at the Wall Street in New York.
Economist are now hoping that the US dollar would better the 1.46 dollar value that has been posted earlier in October , it was the closest the dollar got to the euro following the economic crash due to the downfall of the US housing market.
Meanwhile, Wall Street posted that the dollar fell slightly against the Japanese yen on Friday, which as pegged at 89.08 after hitting the 88.25 mark on Thursday.
On the other hand, Economist said that the Federal government will soon raise interest rate as a reaction to the vigorous economic activity and to curb the impending threat of inflation.
The calls for the higher interest rate came after the US retail spending increased by 1.3 percent in November. The Commerce Department has also reported that the new data will give the US economy a renewed growth in its activity as expectations remained high in the coming months.
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