US dollar strengthens amid Fed comments

US dollar strengthens amid Fed comments

NEW YORK, Nov. 28 (Xinhua) — The U.S. dollar rose in late trading Monday as market participants digested comments from Federal Reserve officials.

The dollar index, which measures the greenback against six major peers, rose 0.68 percent to 106.6810.

In late New York trading, the euro fell to US$1.0342 from US$1.0414 in the previous session, and the British pound fell to US$1.1949 from US$1.2094 in the previous session.

The US dollar bought 138.88 Japanese yen, down from 139.03 Japanese yen from the previous session. The US dollar rose to 0.9492 Swiss francs from 0.9445 Swiss francs and it rose to 1.3490 Canadian dollars from 1.3374 Canadian dollars. The US dollar increased to SEK 10.5551 from SEK 10.4091.

St. Louis Fed President James Bullard said Monday that the Fed needs to raise interest rates a lot more to get inflation under control and back down toward the central bank’s 2 percent target.

In an interview with MarketWatch, Bullard said financial markets are underestimating the chances that policymakers will need to be more aggressive next year in raising interest rates to curb inflation.

Elsewhere, New York Fed President John Williams said in a speech at the Economic Club of New York that officials have more to do to curb inflation that remains “far too high.”

Fed Chairman Jerome Powell will address the outlook for the US economy, inflation and the labor market at a Brookings Institution event on Wednesday.


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