The dollar consolidated gains on Monday after posting its biggest monthly rise i...
LONDON - The dollar consolidated gains on Monday after posting its biggest monthly rise in four months, as low volatility prompted investors to buy the currency, particularly against the yen.
“On a risk-adjusted basis, the dollar still continues to be the most attractive investment currency against the majors,” said Valentin Marinov, head of G10 FX research at Credit Agricole based in London. Hedge funds have ramped up their long dollar bets, with latest positioning data showing net positions rising to $27.24 billion for the week ending March 1. Most of those bets are positioned to take advantage of higher U.S. interest rates.
Media reports that the United States and China might reach a formal agreement at a summit around March 27 is pushing stocks higher and prompting traders to buy the Chinese yuan and other proxy currencies such as the Australian dollar.
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