Sun, 05 Feb 2023

U.S. dollar strengthens amid Fed comments

Xinhua
29 Nov 2022, 07:55 GMT+10

NEW YORK, Nov. 28 (Xinhua) -- The U.S. dollar rose in late trading on Monday as market participants digested comments from Federal Reserve officials.

The dollar index, which measures the greenback against six major peers, increased 0.68 percent to 106.6810.

In late New York trading, the euro decreased to 1.0342 U.S. dollars from 1.0414 dollars in the previous session, and the British pound fell to 1.1949 U.S. dollars from 1.2094 U.S. dollars in the previous session.

The U.S. dollar bought 138.88 Japanese yen, lower than 139.03 Japanese yen of the previous session. The U.S. dollar increased to 0.9492 Swiss francs from 0.9445 Swiss francs, and it rose to 1.3490 Canadian dollars from 1.3374 Canadian dollars. The U.S. dollar increased to 10.5551 Swedish Kronor from 10.4091 Swedish Kronor.

St. Louis Fed President James Bullard said on Monday that the Fed needs to raise interest rates quite a bit further in order to gain control of inflation and bring back down toward the central bank's 2 percent goal.

In an interview with MarketWatch, Bullard said financial markets are underestimating the chances that policymakers will need to be more aggressive next year in raising interest rates to curb inflation.

Elsewhere, New York Fed President John Williams said in a speech at the Economic Club of New York that officials have more work to do to curb inflation that remains "far too high."

Fed Chair Jerome Powell is set to speak on the outlook for the U.S. economy, inflation and the labor market at a Brookings Institution event on Wednesday.

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