Dollar Mostly Firm Against Major Counterparts
(RTTNews) - The U.S. dollar gained marginally against its major counterparts on Monday amid speculation the Federal Reserve will keep interest rates higher for longer duration to contain inflation.
Comments from Fed Governor Michele Bowman that the central bank needs to hike interest rates to bring inflation to the 2% target.
Bowman said she backed the latest rate increase last month because inflation remains too elevated, and job growth and other indications of activity show the economy has continued to expant at a moderate pace.
Traders also noted comments from New York Fed President John C. Williams that the central bank needs to keep the restrictive stance for some time.
The dollar index, which climbed to 102.38, dropped to around 101.98 around mid morning, but recovered subsequently, and was last seen at 102.10, up 0.08% from the previous close.
Against the Euro, the dollar is up marginally at 1.1004, and against Pound Sterling, it is weak at 1.2784.
Against the Japanese currency, the dollar firmed to 142.48 yen. The dollar settled little changed against the Aussie at 0.6575. Against Swiss franc, the dollar settled at CHF0.8730 today, not much changed from the previous close. Against the Loonie, the dollar was flat at C$1.3371.
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