Dollar Extends Gains Against Major Counterparts
(RTTNews) - The U.S. dollar gained against its major counterparts on Monday amid bets the Federal Reserve will raise interest rates next month, and that any cut in rates is likely only later this year.
The President and CEO of the Federal Reserve Bank of Richmond Thomas Barkin said today that he wants to see more evidence of inflation settling back to target.
Barkin also said that he feels reassured by what he is seeing in the banking sector.
In economic news, a report from the National Association of Home Builders said the NAHB/Wells Fargo Housing Market index in the US increased to 45 in April of 2023, rising for a fourth month in a row. This is a fresh high since September of 2022.
The dollar index climbed to 102.23 around noon, and was at 102.10 a little while ago, up 0.54% from the previous close.
Against the Euro, the dollar is trading at 1.0928, up from 1.0994, and against Pound Sterling, it is up at 1.2378, gaining from 1.2415.
The dollar is up against the Japanese currency, fetching 134.46 yen a unit, compared with 133.79 yen on Friday.
Against the Aussie, the dollar is little changed at 0.6703, while against Swiss franc, it is firmer by nearly 0.6% at CHF 0.8987. The loonie is weak at 1.3393 against the dollar as oil prices fell amid concerns about the outlook for energy demand.
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