09-09-2014
NEW YORK: The dollar rallied Monday against other major currencies
as investors concluded the US economy is still better positioned than other
leading economies despite Friday's weak jobs report.
The dollar rose to a five-year high against the Japanese yen and a
14-month high versus the euro, according to Kathy Lien, managing director at BK
Asset Management.
The dollar's gains on the British pound were also significant
after a poll showed rising support in Scotland for a referendum to separate
from the United Kingdom.
"Although we don't have much in the way of market moving US
data in the front of the week, the US maintains economic and monetary policy
superiority over many countries and for this reason, the dollar remains one of
the most attractive investments," Lien wrote.
Monday's gains for the dollar were a comeback after the greenback
dropped Friday following a Labor Department report that showed the US added
just 142,000 net new positions in August.
The dollar's latest rise "falls less to the dollar's own
intrinsic merits and more to the exceptional weakness of its
counterparts," said John Kicklighter, chief currency strategist at
DailyFX.
The euro has been weakened by aggressive stimulus, while the
British pound has dipped in part due to the Scottish referendum fallout,
Kicklighter said.
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