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Dollar Rises On Bets Interest Rates Will Likely Stay Higher
(RTTNews) - The U.S. dollar climbed to a 3-week high on Wednesday, lifted by hawkish comments from Fed officials, who said the trade policies of the government will likely push up inflation and prompt the central bank to keep interest rates higher for longer.
A report from the Commerce Department said new orders for U.S. manufactured durable goods unexpectedly increased in the month of February, climbing up by 0.9% in the month, after spiking by an upwardly revised 3.3% in January.
Economists had expected durable goods orders to slump by 1% compared to the 3.2% surge that had been reported for the previous month.
Q4 GDP data, speeches by Fed officials and the U.S. PCE inflation report are eyed for clarity on Fed's interest rate moves.
The dollar index climbed to 104.57, gaining nearly 0.4%.
Against the Euro, the dollar firmed to 1.0755 from 1.0793, and against Pound Sterling, it strengthened to 1.2889, gaining from 1.2946.
The dollar climbed against the Japanese currency, fetching 150.55 yen a unit, more than 0.4% up from previous close of 149.91 yen. Against the Aussie, the dollar firmed to 0.6293.
The Swiss franc weakened to 0.8842 a unit of greenback, while the Loonie eased slightly against the dollar at 1.4285.
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