Dollar rises amid growth worries

12:10 PM | 4 May, 2016
Dollar rises amid growth worries

NEW YORK (APP) - The dollar rose against other currencies Tuesday as global growth worries swept equity markets and pushed oil prices lower, boosting demand for the US dollar.

The Euro sharply reversed against the greenback, after hitting $1.1616, its highest level since last August. By around 2100 GMT, the Euro traded at $1.1507, down from $1.1535 at the same time Monday.

"It seems the Dollar is in a bit of recovery mode," said Vassili Serebriakov of BNP Paribas. "The market's not very comfortable pushing the euro dollar much above 1.16 for now," he said, citing persistent uncertainties about European and US monetary policies.

In the United States, the Federal Reserve seems wary about raising interest rates again after a December move, while in Europe there are doubts that the European Central Bank will provide further stimulus to the tepid Eurozone economy.

The dollar also appeared to get a lift Tuesday from remarks by the Atlanta Fed president, Dennis Lockhart, that left open the door to a Fed rate hike in June, although he has no vote on the matter.