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U.S. Dollar Moves Back To The Upside Amid Interest Rate Concerns
(RTTNews) - Following the pullback seen in the previous session, the value of the U.S. dollar has moved back to the upside during trading on Thursday.
The U.S. dollar index moved to the upside in morning trading and remains up by 0.34 points or 0.3 percent at 102.41.
The greenback is trading at 143.11 yen versus the 141.88 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0956 compared to yesterday's $1.0986.
The rebound by the dollar came amid ongoing interest rate concerns, as Federal Reserve Chair Jerome Powell reiterated the central bank plans to continue raising interest rates during his second day of testimony on Capitol Hill.
Adding to the interest rate concerns, the Bank of England raised rates more aggressively, citing persistent inflation and labor market tightness.
The rate-setting panel voted 7-2 to increase the bank rate by 50 basis points to 5.00 percent, the highest since 2008. Markets were expecting a quarter point increase.
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