NEW YORK, Feb. 8 (Xinhua) — The U.S. dollar edged higher in late trade on Wednesday as market participants gauged the Federal Reserve’s future policy stance.
The dollar index, which measures the greenback against six major peers, rose 0.005 percent to 103.4170.
In late New York trading, the euro was up at US$1.0723 from US$1.0721 in the previous session, and the British pound was up at US$1.2069 from US$1.2037 in the previous session.
The US dollar bought 131.37 Japanese yen, higher than 131.09 Japanese yen from the previous session. The US dollar fell to 0.9202 Swiss francs from 0.9227 Swiss francs, and it climbed to 1.3439 Canadian dollars from 1.3410 Canadian dollars. The US dollar rose to SEK 10.5932 from SEK 10.5844.
During an event at the Economic Club of Washington, DC on Tuesday, Fed Chairman Jerome Powell reiterated that continued rate hikes will be appropriate and that the “disinflationary process” has begun.
He said the U.S. payrolls data underscored his view that Fed officials have a “significant path forward” to cool inflation, adding that they did not expect the jobs data “to be this strong.”