The dollar rose for a second straight month in October, indicating the currency’s rally has resumed after seven long months of sideways trading.The dollar hasn’t risen for two consecutive months since March, when the ICE U.S. Dollar index, a measure of the dollar’s strength against a basket of six rivals, rose to its highest level in 13 years above 100.
The index DXY, -0.31% rose 0.7% in October to 97.0170 after gaining 0.1% in September.
The euro and the yen, two of the dollar index’s most heavily-weighted constituents, declined by 1.5% and 0.6% in October. The shared currency traded at $1.0994 late Friday in New York, while the dollar traded at ¥120.6820.
The dollar started the month in a weak position after weak economic data and a cautious outlook from the Federal Reserve diminished expectations that the Fed would raise its benchmark interest rate target in 2015.
The kiwi NZDUSD, +1.2252% appreciated by 6% in October to trade at 67.68 U.S. cents.
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