The dollar index, which measures the greenback against six other currencies, reached 101.07, its strongest level since Jan. 20. It's been friendly for stocks and also for the dollar," said Thierry Albert Wizman, global interest rates and currencies strategist at Macquarie Group Ltd in New York. The greenback last week booked its strongest gain since mid-December after U.S. President Donald Trump on Thursday promised a "phenomenal" tax plan that the White House said would include tax cuts for businesses and individuals. The Federal Open Market Committee, the U.S. central bank's policy-setting group, will meet on March 14-15. Investors hope that signals that the focus of day-to-day remarks by Trump and his aides is shifting away from trade protectionism and security, and toward economic growth.
As it stated in "But we have trimmed the extent of dollar strength from already relatively modest expectations, now only expecting the dollar index to peak 3.3 percent stronger by mid-year from current levels." "Following the Jan/Feb correction, we still expect some modest broad dollar strength to unfold over the first half of this year," JP Morgan said in a monthly report. The dollar was up half a percent at 113.72 yen in morning trade in London, having reached as high as 114.17 yen in Asian trading. Investors hope that signals the focus of day-to-day commentary is shifting away from trade protectionism and security, and towards economic growth. The new president drove the greenback to its strongest gain since mid-December last week by promising a "phenomenal" tax reform for U.S. companies.
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FOREX-Dollar hits 2-week high vs yen on U.S.-Japan summit relief
Elsewhere, the New Zealand dollar inched up 0.1 percent to $0.7203. "The RBNZ has clearly knocked the New Zealand dollar lower. "While the outcome of the U.S.-Japan summit itself is not a huge dollar boosting factor, the currency continues to receive firm support from expectations towards Trump's 'phenomenal' tax plans," Yamamoto said. The dollar was up 0.65 percent at 113.920 yen, briefly touching 114.170, the highest since Jan. 30. There was concern prior to the summit that Trump would reiterate accusations that Japan was one of several countries devaluing their currencies to the disadvantage of the United States.
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