The U.S. dollar continues to stand up to its fellow G-10 competitors.
MarketWatch reported that the dollar briefly topped 110 yen for the first time in more than six years. Despite giving some ground back to it, the dollar remained higher against the yen for the day, trading at ¥109.72 USDJPY, down 0.30 percent on Wednesday, compared to ¥109.66 on Tuesday. The dollar also rose against the euro, the pound and the Australian dollar after the U.S. posted its impressive growth numbers that outstripped that of its rivals.
MarketWatch wrote that private sector hiring – to the tune of 213,000 jobs according to the latest ADP report – is one of the main drivers for the dollar's strong performance as of late.
According to Fox Business, an appreciating dollar can lead to U.S. stock gains. They reported that investors will be looking for opportunities in which a strong dollar will benefit the investment. Consumer facing companies, such as airlines or retailers will see the bulk of these opportunities. Commodity prices, on the other hand, remain depressed by the strong dollar, with oil and precious metals facing constant downward pressure as the dollar continues to rise.
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