The US dollar soars after the hawkish Fed stance

The US dollar soars after the hawkish Fed stance

NEW YORK, Nov. 3 (Xinhua) — The U.S. rose in late trade on Thursday, after the approved another big hike and signaled more hikes to come.

The dollar index, which measures the dollar against six major peers, rose 1.4 percent to 112.9260.

In late New York trading, the euro fell to US$0.9755 from US$0.9888 in the previous session, and the British pound fell to US$1.1165 from US$1.1476 in the previous session.

The US dollar bought 148.24 , higher than 146.96 Japanese yen from the previous session. The US dollar was up to 1.0124 Swiss francs from 0.9983 Swiss francs and it was up to 1.3725 Canadian dollars from 1.3648 Canadian dollars. The US dollar increased to 11.1775 Swedish kronor from 11.0251 Swedish kronor.

The Fed on Wednesday raised benchmark interest rates by 75 basis points for the fourth straight meeting, setting the federal funds target range between 3.75 percent and 4 percent.

In his press conference shortly after the rate decision, Fed Chairman said it was “much too early” to think about pausing rate hikes and suggested the final rate level could be higher than first thought.

Source: sn.dk

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