NEW YORK, FEBRUARY 8 (Xinhua) – The US dollar gained ground in late trading on Tuesday, thanks to pigeon comments from top officials from the European Central Bank (ECB).
The dollar index, which measures the dollar against six major comparable competitors, rose 0.25 percent to 95.6400 during late trading.
Any monetary policy adjustment will be “gradual” and the ECB will remain “data dependent” while assessing the impact on the medium-term inflation outlook, ECB President Christine Lagarde said on Monday.
ECB Councilman and Governor of the Central Bank of Spain Pablo Hernandez de Cos on Tuesday reiterated that every central bank movement “must take place gradually.”
“We expect this tailwind to recover in the coming weeks as markets reconsider their overly cautious view of the Fed,” said Bank of America Global Research strategists on Monday.
As long as the Fed’s response to genuine upward inflation risks in the US remains undervalued, “we are buyers of US dollars on the fall, especially on the lower beta pairs,” said a research note from Bank of America Global Research.
At the end of New York trading, the euro was down to $ 1.1418 from $ 1.1457 in the previous session, and the British pound was up $ 1.3543 from $ 1.3538 in the previous session.
The US dollar bought 115.5380 Japanese yen, higher than 115.06 Japanese yen from the previous session. The US dollar was down to 0.9254 Swiss francs from 0.9255 Swiss francs, and it rose to 1.2713 Canadian dollars from 1.2664 Canadian dollars. The US dollar rose to 9,1485 Swedish kronor from 9.1301 Swedish kronor.