The value of the U.S. dollar has shown a notable move to the upside during trading on Monday, with the U.S. dollar index climbing by 0.5 percent.

The greenback is trading at 108.92 yen versus the 108.31 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1845 compared to last Friday’s $1.1915.

The strength in the dollar came in reaction to news the Senate voted along party lines on Saturday to approve a new $1.9 trillion coronavirus relief bill.

The bill, which includes $1,400 direct payments and an extension of unemployment benefits, is expected to be approved by the House later this week.

On the U.S. economic front, a report released by the Commerce Department showed wholesale inventories in the U.S. jumped in line with economist estimates in the month of January.

The Commerce Department said wholesale inventories spiked by 1.3 percent in January after climbing by an upwardly revised 0.6 percent in December.

Economists had expected wholesale inventories to surge up by 1.3 percent compared to the 0.3 percent increase originally reported for the previous month.

The material has been provided by InstaForex Company – www.instaforex.com

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