U.S. Dollar Advances After Hawkish Fed Remarks
(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Tuesday, as Minneapolis Federal Reserve Bank President Neel Kashkari remarked that the central bank is expected to maintain a tighter monetary policy for an extended period.
Recent inflation data raise doubts about whether the disinflationary process is in fact still underway, Kashkari wrote in an essay.
The most likely scenario is rates to be held at current levels for an extended period of time, he said at the Milken Institute Global Conference.
If inflation begins to cool or there is marked weakening in the labor market, then Fed would consider a rate cut.
The greenback touched 1.0748 against the euro and 0.9092 against the franc, setting 4-day highs.
The greenback touched 1.2500 against the pound and 154.69 against the yen, registering 5-day highs.
The greenback touched 1.3739 against the loonie, hitting a 5-day high.
The greenback recovered to 0.5996 against the kiwi, from an early low of 0.6025.
The greenback rebounded to 0.6588 against the aussie, from an early 4-day low of 0.6643. This may be compared to a previous 4-day high of 0.6586.
The currency is poised to challenge resistance around 1.06 against the euro, 0.92 against the franc, 1.23 against the pound, 158.00 against the yen, 1.40 against the loonie, 0.58 against the kiwi and 0.62 against the aussie.
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