Dollar Rises Against Major Counterparts
(RTTNews) - The U.S. dollar climbed higher against its major counterparts on Tuesday after comments from Federal Reserve Governor Christopher Waller raised concerns the Fed may not cut interest rates as aggressively as initially expected.
Waller said interest rate cuts are likely this year, but added that the central bank can take its time relaxing monetary policy. He said the process should be "carefully calibrated and not rushed."
Comments from several top bank officials in Europe also seemed to indicate rate cuts are unlikely anytime soon.
In economic news today, a report from the Federal Reserve Bank of New York said the NY Empire State Manufacturing Index plunged to -43.7 in January, the lowest reading since May 2020.
The dollar index surged to 103.43, gaining more than 1%.
Against the Euro, the dollar firmed to 1.0876 from 1.0953. Against Pound Sterling, the dollar strengthened to 1.2635, gaining from 1.2727.
The dollar moved up sharply against the Japanese currency, fetching 147.19 yen a unit, nearly 1% more than the previous close.
Against the Aussie, the dollar firmed to 0.6584 from 0.6660. The Swiss franc weakened to 0.8617 against the dollar, while the Loonie eased to 1.3495 a U.S. dollar.
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