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The dollar rose on Thursday as other currencies struggled

REUTERS/Gary Cameron

The dollar rose on Thursday as other currencies struggled, following more moderate central bank surveys and renewed expectations that the ECB will keep interest rates low for longer.

The Reserve Bank of New Zealand this week joined a growing list of central banks that have become manageable amid signs of a slowdown in the global economy, saying the next move in interest rates is likely to be a reduction.

With many currencies on the defensive, the dollar set aside a decline in record US Treasury yields to a 15-month low.

The dollar index rose against a basket of six major currencies by 0.4 percent to 97,155, the third day of gains and the best since March 12.

The euro weakened 0.2 percent to $ 1.1225 as speculation mounted that the ECB will offer a deposit rate, a sign that lawmakers are planning to keep interest rates low for longer. The euro is still higher than its 21-month low of $ 1.1167 touched a few weeks ago.

The decline in yields on euro zone public bonds also affected the euro.

"The market is increasingly concerned about global growth conditions, especially at the expense of the euro zone, the strength of the dollar in the back of other currencies that have been damaged," said Manuel Oliveira, foreign exchange analyst at Credit Agricole.

CTM News | 28th March 2019

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