NEW YORK, June 22 (Xinhua) — The U.S. dollar strengthened on Thursday, amid bets of additional tightening by the Federal Reserve and considerations about an financial slowdown.
The dollar index, which measures the dollar towards six main friends, elevated 0.30 % to 102.3849 in late buying and selling.
U.S. Federal Reserve Chairman Jerome Powell on Thursday steered that the central financial institution has not reached the tip of its tightening cycle, in his second day of congressional testimony. Policy makers really feel “it will be appropriate to raise rates again this year, and perhaps twice,” if the financial system performs about as anticipated, whilst they have been hiked to an appropriately restrictive stage, Powell instructed the Senate Banking Committee.
Meanwhile, information launched Thursday by the U.S. Labor Department confirmed that 264,000 new claims have been filed for jobless advantages on a seasonally adjusted foundation within the week ending June 17, unchanged from the prior week’s upwardly revised stage, which is the best stage of preliminary claims exercise since October 2021.
The Bank of England (BoE), Norges Bank and the Swiss National Bank (SNB) raised rates of interest on Thursday, pledging to proceed their combat towards inflation. Both the BoE and Norges Bank raised its charges by a bigger than anticipated 50 foundation factors, whereas the SNB introduced a 25-basis level hike.
In late New York buying and selling, the euro fell to 1.0959 U.S. {dollars} from 1.0984 {dollars} within the earlier session, and the British pound was right down to 1.2745 U.S. {dollars} from 1.2773 {dollars} within the earlier session. The U.S. dollar elevated to 0.8961 Swiss franc from 0.8930 Swiss franc, and it was right down to 1.3145 Canadian {dollars} from 1.3161 Canadian {dollars}.
The U.S. dollar purchased 143.0390 Japanese yen, larger than 141.8060 Japanese yen of the earlier session. The U.S. dollar rose to 10.6893 Swedish Krona from 10.6505 Swedish Krona.