The Dollar Is On A Big Upward Tear Right Now

Pretty much every currency around the world is dropping against the dollar this morning. The US currency is still gaining strength after a fantastic jobs report on Friday.

Here’s how the dollar holds against some major currencies:

Against the euro:+0.18% at 0.8154

Against sterling: +0.09% at 0.6424

Against the Swiss franc: +0.22% at >0.9809

Against the Australian dollar: +0.53% at 1.2082

Against the New Zealand Dollar: +1.08% at 1.3109

The dollar is currently down a little against the yen, after touching a seven year high over ¥121. Overall, the dollar is riding at a near-eight year high against a basket of foreign currencies, as the DXY index shows:

That’s on the back of Friday’s jobs report, which showed US firms adding 321,000 jobs in November, way above the 230,000 that economists had expected.

The Bank of International Settlements is warning today about how the rise of the dollar might impact emerging market economies, as the strength of the US currency has in the past. There’s a good FT report on it here showing how a stronger dollar raises the debt burden for companies in developing economies that borrow in the currency.

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