2021.11.2220:55:00UTC+00Dollar Climbs Higher As Biden Nominates Powell For Second Term As Fed Chief

The U.S. dollar climbed higher on Monday, recording gains against its major rivals, after President Joe Biden nominated Federal Reserve Chair Jerome Powell for a second term.

The White House also revealed that Biden has nominated current Fed Governor Lael Brainard as Vice Chair of the Federal Reserve System.

The White House said that economic recovery "is a testament to the success of the President's economic agenda, and it is a testament to decisive action by Chair Powell and the Federal Reserve to cushion the impact of the pandemic and get America's economy back on track."

Biden expressed confidence that Powell and Brainard's focus on keeping inflation low, prices stable, and delivering full employment will make the economy stronger than ever before.

Recent comments from Fed Vice Chairman Richard Clarida and Fed Governor Chirstopher Waller, which triggered hopes for an earlier tighterning of moentary policy contributed as well to the dollar's uptick.

According to a report from the National Association of Realtors, U.S. existing home sles increased unexpectedly by 0.8% to an annual rate of 6.34 million in October after spiking by 0.7% to a rate of 6.29 million in September.

The dollar index climbed to 96.55, gaining 0.55%.

Against the Euro, the dollar firmed to 1.1238 from 1.1281 as several countries across Europe reported a surge in coronavirus cases and announced fresh lockdown measures.

The dollar is trading at 1.3392 against Pound Sterling, compared to $1.3447 Friday evening.

The dollar is trading at 114.88 yen, gaining from 114.03.

Against the Aussie, the dollar is at 0.7225, firming slightly from 0.7235.

The Swiss franc is at 0.9331 a dollar, easing from 0.9285.

The dollar is trading at C$1.2699, up from C$1.2640 on Friday.