Dollar Rises From Lowest Since 2018 as U.S. Data Eclipse Vaccine
- Earlier decline came after optimism over Covid-19 vaccine
- Greenback will strengthen into year-end: TD’s McCormick
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The dollar advanced after dropping Monday to a two-and-a-half year low as economic data signaled the U.S. was recovering at a faster pace than Europe, overshadowing optimism about vaccine roll-outs.
The Bloomberg Dollar Spot Index rose 0.2% and strengthened against most Group-of-10 currency peers as a report showed U.S. business activity expanded at the fastest pace since 2015. The yen weakened the most, while the pound led gains among G-10 counterparts. The yield on 10-year U.S. Treasuries rose almost three basis points to 0.85%.