(Bloomberg) -- The dollar climbed against its major peers in early trading on Monday as currency traders got their first chance to react to a shock attack by...
-- The dollar climbed against its major peers in early trading on Monday as currency traders got their first chance to react to a shock attack by Hamas within Israel.The greenback — long regarded as a haven in times of trouble — rose versus the euro and pound as trading began in Sydney, while riskier currencies including its Australian counterpart slipped. The yen — another favored refuge for investors — rallied.
“The path of least resistance over the very short term is dollar strength on lower risk appetite,” said Jason Wong, a Wellington-based currency strategist at Bank of New Zealand. But given the scope of the rally in the dollar, “there’s a reasonable chance it fizzles out relatively quickly.” The fallout from the attacks reverberated through Middle East markets on Sunday, sending stocks sliding and setting the tone for what’s likely to be a volatile start of the week. Major equities gauges in the region fell, led by a drop on Israel’s benchmark TA-35 stock index, which posted its biggest loss in more than three years, sliding 6.5%.
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