Positive US data drives dollar on
Early indications of improving US economic data have helped the dollar strengthen, although many analysts are awaiting further news from the other side of the pond.
This morning the dollar stood at 1.1777 to the euro and 1.7268 against the pound.
New figures showing a record rise in home sales, to 1.42 million for October, added to positive consumer confidence figures to help boost the standing of the dollar.
The US measurement of consumer confidence, an index put together by the Conference Board, showed the rating rose from 85.2 to 98.9 in October.
AIG Financial Products foreign-exchange expert Jeff Gladstein told Bloomberg: "These numbers tell you that the economy is humming right along through the holiday season.
"There will be no reason for the Fed to stop hiking interest rates, which is very supportive of the US economy and the dollar.''
Analysts are now awaiting further data from the US to determine the permanency of the upward economic trajectory.