Dollar Climbs Higher Against Major Counterparts
(RTTNews) - The U.S. dollar climbed higher against the Euro and a few other major counterparts on Wednesday, rebounding from recent losses.
The greenback's upside, however, was limited as traders looked ahead to the European Central Bank's policy announcement, due on Thursday. The Bank of Japan is also scheduled to announce its monetary policy tomorrow.
The dollar index, which rose to 107.26, pared some gains subsequently and was hovering around 107.10 a little while ago, up nearly 0.4% from the previous close.
Against the Euro, the dollar firmed to $1.0156 before easing to $1.0182.
The dollar is trading at $1.1975 against Pound Sterling, firming from $1.1996.
Against the Japanese currency, the dollar is down marginally, fetching 138.28 yen a unit, compared to 138.20 yen on Tuesday.
The dollar is firm against Aussie at 0.6885. Against Swiss franc, the dollar is stronger, fetching CHF 0.9716 a unit, as against CHF 0.9688 on Tuesday.
Against the Loonie, the dollar marginally up, trading at $1.2889. Data from Statistics Canada showed the country's annual inflation rate accelerated to 8.1% in June of 2022, the highest since January 1983. However, that was below market expectations of 8.4%.
On a monthly basis, consumer prices rose 0.7%, below expectations of a 0.9% increase and down from the 1.4% jump in May.
Core consumer prices in Canada increased 6.2% in June of 2022 over the same month in the previous year. It is the highest core inflation rate since at least 1984.
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