The dollar inched higher Monday against a basket of rival currencies as the Chinese yuan stabilized, quelling fears that a weaker yuan would push other countries to devalue their currencies, potentially delaying an interest-rate hike by Federal Reserve policy makers.The ICE U.S. dollar index DXY, +0.00% , a measure of the dollar’s strength against a basket of six rivals, was up 0.3% Monday to 96.8210.
The euro EURUSD, +0.0181% fell 0.3% to $1.1078 in recent trade Monday. The yen USDJPY, +0.03% shed 0.1% from its level late Friday afternoon, trading at ¥124.39 to the dollar as it shrugged off a contraction in Japan’s economy during the second quarter. The pound GBPUSD, +0.0064% shed 0.2% of its value to trade at $1.5616.
The Canadian dollar CADUSD, -0.0993% and Norwegian krone USDNOK, -0.0146% bounced back from lows reached earlier in the session, strengthening against the dollar even as Nymex-traded crude oil settled at its lowest level in nearly six-and-a-half years.
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