Investing.com - The dollar was trading at six-month highs against the broadly weaker yen on Tuesday while the euro rose to fresh six week highs against the dollar as market sentiment remained upbeat.
During European morning trade, USD/JPY hit 103.39, the loftiest level since May 23 and was last down 0.09% to 103.18.
EUR/USD rose to highs of 1.3767, the strongest level since October 30 and was last up 0.07% to 1.3747.
Investor confidence continued to be underpinned after data on Friday showed that the U.S. economy added more jobs than expected in November, pushing the unemployment rate down to a five year low of 7.0%.
Stronger risk appetite dampened demand for the dollar and the yen and supported the euro.
The single currency was also supported as expectations for further monetary easing by the European Central Bank dimmed after the bank held back from fresh rate cuts at last week’s policy meeting.
Risk appetite received an additional boost after data on Tuesday showed that Chinese retail sales rose by a stronger than expected 13.7% in November, while industrial production rose 10.0%, just shy of expectations. The data eased concerns over a slowdown in the world’s second largest economy.
The pound rose to highs of 1.6466, the strongest level in 27 months, before dipping 0.02% to 1.6423 ahead of U.K. data on manufacturing production and the trade balance.
The dollar was little changed against the Swiss franc, with USD/CHF inching down 0.04% to 0.8899.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD sliding 0.17% to 0.9093, NZD/USD inching down 0.10% to 0.8272 and USD/CAD rising 0.14% to 1.0641.
Australia’s dollar slipped after the National Australia Bank said its business confidence index ticked down to 5 in November, from an upwardly revised reading of 6 the previous month.
A separate report showed that home loans in Australia rose 1% in October, in line with expectations.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, inched down 0.03% to 80.13.
During European morning trade, USD/JPY hit 103.39, the loftiest level since May 23 and was last down 0.09% to 103.18.
EUR/USD rose to highs of 1.3767, the strongest level since October 30 and was last up 0.07% to 1.3747.
Investor confidence continued to be underpinned after data on Friday showed that the U.S. economy added more jobs than expected in November, pushing the unemployment rate down to a five year low of 7.0%.
Stronger risk appetite dampened demand for the dollar and the yen and supported the euro.
The single currency was also supported as expectations for further monetary easing by the European Central Bank dimmed after the bank held back from fresh rate cuts at last week’s policy meeting.
Risk appetite received an additional boost after data on Tuesday showed that Chinese retail sales rose by a stronger than expected 13.7% in November, while industrial production rose 10.0%, just shy of expectations. The data eased concerns over a slowdown in the world’s second largest economy.
The pound rose to highs of 1.6466, the strongest level in 27 months, before dipping 0.02% to 1.6423 ahead of U.K. data on manufacturing production and the trade balance.
The dollar was little changed against the Swiss franc, with USD/CHF inching down 0.04% to 0.8899.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD sliding 0.17% to 0.9093, NZD/USD inching down 0.10% to 0.8272 and USD/CAD rising 0.14% to 1.0641.
Australia’s dollar slipped after the National Australia Bank said its business confidence index ticked down to 5 in November, from an upwardly revised reading of 6 the previous month.
A separate report showed that home loans in Australia rose 1% in October, in line with expectations.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, inched down 0.03% to 80.13.