US dollar rises on Fed officials' remarks

GMT 23:52 2016 Thursday ,12 May

Arab Today, arab today US dollar rises on Fed officials' remarks

The US dollar
New York - XINHUA

The US dollar climbed against most major currencies on Thursday as several Federal Reserve officials made hawkish remarks about interest-rate hikes.

Boston Fed President Eric Rosengren said on Thursday that recent economic data warrants continued gradual interest-rate increases.

"If the incoming economic data continue to be consistent with gradual improvement in labor markets and inflation getting closer to target, the Fed should be ready to gradually normalize interest rates," he said.

Rosengren's words were echoed by his Kansas City counterpart Esther George, who urged the U.S. central bank to increase interest rate to avoid possible asset-price bubbles.

"I view the current level as too low for today's economic conditions," George said in a speech on Thursday, adding that interest-sensitive sectors can take on too much debt in response to low rates and grow quickly, and "then unwind in ways that are disruptive."

The dollar index, which measures the greenback against six major peers, was up 0.33 percent at 94.135 in late trading.

In late New York trading, the euro fell to 1.1378 dollars from 1.1429 dollars of the previous session, and the British pound dipped to 1.4447 dollars from 1.4461 dollars. The Australian dollar went down to 0.7326 dollars from 0.7384 dollars.

The dollar bought 109.06 Japanese yen, higher than 108.46 yen of the previous session. The dollar decreased to 0.9703 Swiss francs from 0.9708 Swiss francs, and it inched down to 1.2828 Canadian dollars from 1.2839 Canadian dollars.

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