The dollar surged to a 29-month high against a basket of rival currencies on Tue...
LONDON - The dollar surged to a 29-month high against a basket of rival currencies on Tuesday, while pummeling the euro to its weakest since May 2017.
The list of reasons for the dollar’s strength won’t make for easy reading for U.S. President Donald Trump, who has frequently accused other countries of manipulating their currencies and called for a weaker dollar.HOW WELL IS THE DOLLAR DOING? The dollar has gained almost regardless of what has happened with U.S.-China trade negotiations, which have emerged as a principal determinant of market sentiment under Trump.
According to Citigroup, the gap between the euro zone and the United States on an economic surprise index has risen sharply. Europe is now underperforming by a bigger margin than at any time since late 2017. Interest rates in the $2.2 trillion market for repurchase agreements rose as high as 10% on Sept. 17 as demand for overnight cash from companies, banks and other borrowers exceeded supply.
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