Dollar Remains Firm Against Major Counterparts

RTTNews | 818 ngày trước
Dollar Remains Firm Against Major Counterparts

(RTTNews) - The U.S. dollar stayed firm against its major counterparts on Wednesday despite the minutes from the Federal Reserve's latest policy meeting signaling inclination for less hawkish stance.

The minutes revealed participants generally agreed that in light of the lagged effects of cumulative tightening in monetary policy and the potential effects on the economy of a further tightening in credit conditions, the extent to which additional rate hikes may be appropriate had become "less certain."

Some participants felt additional rate increases would likely to be warranted at future meetings due to expectations that progress in returning inflation to 2 percent could continue to be unacceptably slow.

Several others noted that if the economy evolved along the lines of their current outlooks, then further rate hikes may not be necessary.

Meanwhile, lingering concerns about lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling continued to weigh on Wall Street.

While negotiations have continued this week, traders remain worried about reports suggesting a lack of progress towards a deal.

House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain "far apart," with ongoing talks hitting a snag over Republicans' demand for spending cuts.

The dollar index surged to 103.91, gaining about 0.4%.

Against the Euro, the dollar has firmed to 1.0751, gaining about 0.2%. The dollar is strong against Pound Sterling at 1.2365, strengthening from 1.2416.

Against the Japanese currency, the dollar has strengthened to 139.44 yen from 138.59 yen.

The Aussie is weak against the dollar with the AUD/USD trading at 0.6541. The dollar has firmed to CHF0.9051 against Swiss franc, and is up against the Loonie, fetching C$ 1.3596 a unit.

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