By Stanley White
TOKYO (Reuters) – The dollar fell against major commodity exporters’ currencies on Monday as investors raised stakes in countries that will benefit from rising oil, metal and other commodity prices.
The dollar also fell slightly against the British pound and the euro, but remained at multi-month highs against the yen and the Swiss franc due to rising treasury yields.
Analysts say the mood for the dollar has improved due to positive economic data and progress in adopting a stimulus package of $ 1
“We see a significant discrepancy in the dollar,” said Yukio Ishizuki, a currency strategist at Daiwa Securities.
“Commodity prices are simply not falling, so there is no way for the dollar to rise against and. However, the dollar will remain strong against the yen, as profitability is the main driver.”
The Australian dollar rose 0.3% to $ 0.7702, while the New Zealand dollar gained 0.18% to reach $ 0.7177. Both antipodes are in demand due to their links to global commodity trade.
The US currency fell 0.38% against the Norwegian krone to 8.5283 and fell slightly to 1.2637 Canadian dollars as traders bought the currencies of oil exporters.
Some traders said the jump in futures above $ 70 a barrel for the first time in more than a year sparked a wave of commodity currency offers in early Asian trading.
Against the euro, the dollar fell slightly to 1.1921 dollars, but remained stable at 1.3844 dollars against the British pound.
Against the basket of six major currencies, it reached 91,895, not far from the three-month high reached on Friday, after data showed that the US economy had created more than twice as many jobs than expected in February.
Speculators have reduced their net short dollar positions in the last week to 27.80 billion dollars, which is the smallest short position since December 15 and suggests that dollar bears are giving up betting against greenbacks.
The dollar traded at 108.35 yen, near a nine-month high. The dollar was also moving against the Swiss franc, trading near an eight-month high of 0.9319, boosted by rising treasury yields.
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