The world's reserve currency was pushing toward marking its strongest January in four years against its top rivals as the month closed on Friday, serving as an indication that the U.S. economy that the monetary unit supports is steadily growing stronger, according to Bloomberg.
Spending by Americans was pushing ahead for an eighth-straight month, showing that the recovery from the Great Recession is moving forward.
"We would expect the trend in growth differentials to continue to shift in the USD's favor over the medium term," states a Friday client note authored by chief currency strategist Richard Franulovich with Westpac Banking Corp. in New York, according to Bloomberg. "However, there will be setbacks and if anything we could be on the cusp of one."
The U.S. dollar edged up roughly 0.1 percent against the common currency of the European Union on Friday in London and was pushing toward achieving a monthly gain of about 1.5 percent against the 17-nation monetary unit.
The term of the first female chair of the U.S. Federal Reserve is set to begin on Saturday when Janet Yellen takes office, Reuters reports. She will be sworn in next week.
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