Dollar rises on the back of rising Treasury yields

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Dollar rises on the back of rising Treasury yields

NEW YORK, New York - The U.S. dollar went up on Monday on the back of rising Treasury yields, boosting stock markets, particularly in the technology sector.

Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington told Reuters that the dollar is bouncing higher as geopolitical developments have darkened clouds over the global economy.

The Nasdaq Composite led the charge for stocks. The key index rose 271.05 points or 1.90 percent to 14,532. The Dow Jones industrials added 103.61 points or 0.30 percent to 34,921. The Standard and Poor's 500 rose 36.78 points or 0.81 percent to 4,582. The U.S. dollar rally continued. The euro was last trading approaching New York on Monday at 1.0975. The British pound fell to 1.3115. The Japanese yen fell to 122.75. The Swiss franc fell to 0.9264.

The Canadian dollar went up slightly to 1.2487 at the beginning of the day. The Aussie and Kiwi dollars rose strongly to 0.7544 and 0.6953 on the day.

Germany's Dax was up 0.50 percent on overseas equity markets. The Paris-based CAC 40 climbed 0.70 percent. The FTSE 100 was up 0.28 percent in London.

China's Shanghai Composite was up 30.52 points or 0.94 percent to close Monday at 3,282. In Japan, the Nikkei 225 added 70.49 points or 0.25 percent to 27,736. The Australian All Ordinaries rose 33.00 points or 0.42 percent to 7,818. In New Zealand, the S&P NZX 50 went against the trend, falling 36.24 points or 0.30 percent to 12,053. In Hong Kong, the Hang Seng surged 462.76 points or 2.10 percent to 22,502.