The dollar had a stellar day yesterday, strengthening against all major currencies and extending its strength against commodity-backed currencies like the Canadian and Australian dollars and Norwegian krone to around 2% over the week and against sterling to just over 1%.
The dollar is currently at its strongest against GBP since the first week of February and against the euro since early April.
The dollar gained from its “safe haven status” as Covid variants continued to worry global markets.
On America’s domestic front, its property market boom looks to have slowed, with the NAHB housing market index falling for the second month in a row, as builders struggle with vastly inflated building material costs and shortages.
There will be more on housing this week, with building permits and housing starts today and home sales for June on Friday.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
