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NEW YORK, Oct 18 - The dollar rose against the euro on Wednesday before several Federal Reserve officials were due to speak and as investors watched the war between Hamas and Israel for signs of escalation.
Since mid-July, the benchmark 10-year Treasury yield has climbed about 100 basis points and the dollar index has risen around 7%. The Fed should extend its pause on interest rate increases because of growing evidence that higher borrowing costs will slow the economy, Philadelphia Fed president Patrick Harker said.
The dollar index was last up 0.15% on the day at 106.37. It is holding below the 107.34 level reached on Oct. 3, the highest since November 2022.The dollar is also benefiting from safe haven demand on concerns over the conflict in the Middle East. The yuan hit a one-week high of 7.2905 per dollar, though it then retreated to 7.316. The China-sensitive Australian and New Zealand dollars both jumped before unwinding their gains.
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