US dollar rises after Fed minutes

US dollar rises after Fed minutes

NEW YORK, Feb. 22 (Xinhua) — The U.S. dollar climbed in late trade on Wednesday as market participants analyzed the Federal Reserve’s latest meeting minutes.

The dollar index, which measures the greenback against six major peers, rose 0.39 percent to 104.5801.

In late New York trading, the euro fell to US$1.0601 from US$1.0649 in the previous session, and the British pound fell to US$1.2037 from US$1.2109 in the previous session.

The US dollar bought 134.95 Japanese yen, unchanged from the previous session. The US dollar rose to 0.9315 Swiss francs from 0.9274 Swiss francs, and it was up to 1.3565 Canadian dollars from 1.3533 Canadian dollars. The US dollar was up to SEK 10.4327 from SEK 10.3603.

The U.S. central bank on Wednesday published the minutes of its January 31-February 1 policy meeting, which showed that Fed officials remained concerned about inflation and supported further increases in interest rates.

With inflation still “well above” the Fed’s 2 percent target and the labor market remaining “very tight,” policymakers continued to anticipate that ongoing increases in the target range for the federal funds rate would be appropriate, the minutes said.

Meanwhile, Fed officials observed “that a restrictive policy stance would need to be maintained until incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which is likely to take some time,” the filing said.


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