NEW YORK, May 22 (Xinhua) — The U.S. dollar confirmed little change on Monday as debt ceiling talks between U.S. President Joe Biden and House Speaker Kevin McCarthy are set to renew.
The dollar index, which measures the buck towards six main friends, rose 0.0047 p.c at 103.1972 in late buying and selling.
Biden and McCarthy are scheduled to satisfy on the White House at a pivotal second as Washington works to strike a price range compromise and lift the nation’s borrowing restrict in time to avert a devastating federal default.
Democrats and Republicans are nonetheless far aside on a deal to lift the debt ceiling, and it’s unclear if a deal may be reached earlier than the Treasury Department runs out of money as early as June 1.
St. Louis Fed President James Bullard mentioned Monday the Fed might have to lift the benchmark rate of interest by one other 50 foundation factors this yr, which drove up the U.S. dollar within the morning.
Moreover, Federal Reserve Bank of Minneapolis President Neel Kashkari mentioned it is a “close call” for him if the central financial institution ought to increase rates of interest subsequent month or pause whereas it displays the outlook for inflation, whereas San Francisco Fed President Mary Daly mentioned it is too quickly to say whether or not the U.S. central financial institution will increase charges on the June 13-14 coverage assembly.
“The U.S. dollar is likely to remain steady in the coming days as investors await the outcome of the debt ceiling talks,” mentioned Michael Hewson, chief market analyst at CMC Markets.
In late New York buying and selling, the euro rose to 1.0819 {dollars} from 1.0807 {dollars} within the earlier session, and the British pound decreased to 1.2442 {dollars} from 1.2448 U.S. {dollars} within the earlier session.
The U.S. dollar purchased 138.5500 Japanese yen, greater than 138.0760 Japanese yen of the earlier session. The U.S. dollar was all the way down to 0.8970 Swiss francs from 0.8998 Swiss francs, and it fell to 1.3507 Canadian {dollars} from 1.3509 Canadian {dollars}. The U.S. dollar rose to 10.5523 Swedish Krona from 10.5292 Swedish Krona.