NEW YORK (CNNMoney.com) -- The dollar strengthened Tuesday amid new worries about Greek debt and as European traders, fresh from the Easter holiday, reacted to strong economic data in the U.S.
What prices are doing: The dollar rose 0.6% to $1.341 on the euro and edged up versus the pound to $1.528. But the U.S. currency dipped 0.6% against the yen to ¥93.71.
What's moving the market: The value of the greenback rose versus major currencies, as European traders returned for the first trading day after the Easter holiday and reacted to last week's positive economic news.
An upbeat jobs report and reassuring manufacturing data signaled to traders that a U.S. economic recovery is underway.
Also fresh concerns that European Union and International Monetary Fund support for Greece might crumble helped to send the dollar higher on the euro for the third straight day.
What analysts are saying: "The euro came under renewed pressure in Asian trading on Tuesday as there were renewed fears over the Greek borrowing situation," said analysts at Sucden Financial in a report.
The British pound dipped against the dollar in early trading, reversing the gains it held in prior trading sessions.
The dollar continues to gain strength, despite rising crude oil prices, which are priced in the U.S. currency. Typically, a stronger dollar makes it more expensive for foreign investors to buy crude and that puts downward pressure on oil prices.
However, investors are trading on the upbeat economic data, which they hope will translate into higher demand. Still, Sucden analysts say that the price of crude, which is up 70% from April 2009 and 4% from January, will cap a major rally in the greenback.
Looking ahead: Investors continue to keep an eye on China's yuan. On Saturday, Treasury Secretary Timothy Geithner announced a delay in a report to Congress determining whether China has manipulated its currency.
Many economists say that the world's fastest growing economy has been artificially holding down the yuan to boost Chinese exports and bolster its economy.
Revaluation of the Chinese currency would be seen as supporting the global recovery by improving the export competitiveness of developed economies, according to analysts at Forex.com.
Overnight Avg Rate | Latest | Change | Last Week |
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30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
Today's featured rates:
Index | Last | Change | % Change |
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Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
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Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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