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Dollar Rises Against Major Counterparts On Rate Hike Bets

RTTNews | 46 days ago
Dollar Rises Against Major Counterparts On Rate Hike Bets

(RTTNews) - The U.S. dollar climbed higher against its major counterparts on Friday after comments from some Fed officials suggested the central bank might continue hiking rates in the coming months to fight inflation.

Data showing a much bigger than expected improvement in U.S. consumer sentiment contributed as well to the dollar's rise.

San Francisco Federal Reserve Bank president Mary Daly warned on Thursday it is far too early for the U.S. central bank to "declare victory" in its fight against inflation.

Chicago Fed President Charles Evans said he believes the Fed has plenty more work to do, and Minneapolis Fed President Neel Kashkari said he is sticking to his view that the U.S. central bank will need to raise its policy rate another 1.5 percentage points this year and more in 2023, even if that causes a recession.

A report from the University of Michigan today showed consumer sentiment in the U.S. has improved by much more than expected in the month of August.

The report showed the consumer sentiment index jumped to 55.1 in August from 51.5 in July. Economists had expected the index to inch up to 52.5.

With the bigger than expected increase, the consumer sentiment index continued to recover after hitting a record low 50.0 in June.

The dollar index climbed to 105.88 around late morning, and despite coming off that high to 105.66, remains well above the flat line, gaining about 0.55%.

Against the Euro, the dollar has firmed to $1.0261 from $1.0321. The dollar is stronger against Pound Sterling, at $1.2136 as against Thursday's close of $1.2199.

The dollar has gained against the Japanese currency as well, fetching 133.50 yen a unit.

Against the Aussie, the dollar has weakened to 0.7123 from 0.7107. The Swiss franc is down slightly at 0.9421 a dollar, while the Loonie is weaker against the dollar at C$1.2775, easing from C$1.2764.

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