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U.S. dollar soars after hawkish Fed stance

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NEW YORK, Nov. 3 (Xinhua) — The U.S. dollar surged in late trading on Thursday, after the Federal Reserve approved another big rate hike and signaled more hikes to come.

The dollar index, which measures the greenback against six major peers, increased 1.4 percent to 112.9260.

In late New York trading, the euro fell to 0.9755 U.S. dollars from 0.9888 dollars in the previous session, and the British pound fell to 1.1165 U.S. dollars from 1.1476 dollars in the previous session.

The U.S. dollar bought 148.24 Japanese yen, higher than 146.96 Japanese yen of the previous session. The U.S. dollar was up to 1.0124 Swiss francs from 0.9983 Swiss francs, and it was up to 1.3725 Canadian dollars from 1.3648 Canadian dollars. The U.S. dollar increased to 11.1775 Swedish Kronor from 11.0251 Swedish Kronor.

The Fed on Wednesday raised the benchmark rates by 75 basis points for the fourth consecutive meeting, setting the federal funds target range between 3.75 percent and 4 percent.

In his press conference shortly after the rate decision, Fed Chair Jerome Powell said it was “very premature” to think about pausing rate hikes and suggested that ultimate level of rates may be higher than initially thought.

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