Dollar Strengthens Amid Concerns Over Global Economy

The WSJ Dollar Index rises 0.5% towards its November highs and the DXY is up 0.4%, reaching a March peak. Spartan’s Peter Cardillo attributes the performance to “dismal economic news” from the EU, UK and Japan, along with pressure against the Chinese yuan. The Australian dollar is undermined by the Reserve Bank of Australia’s decision to hold rates and by a sharp drop in Chinese services PMI. The greenback strengthens 1.4% versus the aussie, 0.6% versus the yen and 0.5% versus both the euro and the pound. The US currency advances 0.4% to the yuan.