NEW YORK, March 8 (Xinhua) — The U.S. dollar edged higher in late trading on Wednesday as market participants gauged the Federal Reserve’s rate hike course.
The dollar index, which measures the greenback against six major peers, rose 0.06 percent to 105.6598 in late trade.
In late New York trading, the euro was down to US$1.0546 from US$1.0552 in the previous session, and the British pound rose to US$1.1841 from US$1.1831 in the previous session.
The US dollar bought 137.21 Japanese yen, higher than 137.09 Japanese yen from the previous session. The US dollar fell to 0.9411 Swiss francs from 0.9415 Swiss francs and it rose to 1.3799 Canadian dollars from 1.3758 Canadian dollars. The US dollar was down to SEK 10.7174 from SEK 10.7307.
In his testimony to the US Senate Banking Committee on Tuesday, Fed Chairman Jerome Powell suggested that after the 25 basis point increase at the previous meeting, the Fed may go back to faster hikes.
On Wednesday, Powell said the central bank has not made a decision on the size of a potential rate hike at the Fed’s meeting later this month, speaking to the House Financial Services panel.
Source: sn.dk