Dollar extends gains, euro hurt by German data
The dollar advanced on Tuesday as last week’s rally in riskier currencies took a breather, gaining on the euro after weak German data and on the Australian dollar after its central bank raised interest rates but hinted the hike was the cycle’s last.
Tuesday data showing a larger-than-expected fall in German industrial production in September contributed to the euro’s weakness.
Fed Chairman Jerome Powell is due to speak on Wednesday and Thursday, when the focal point will be whether he maintains the more dovish tone struck after the Fed’s policy meeting last week.