The US dollar rises on the prospect of a Fed hike

NEW YORK, April 27 (Xinhua) -- The U.S. dollar rose in late trade on Thursday as investors see high likelihood of another interest rate hike by the Federal Reserve in early May.

The dollar index, which measures the greenback against six major peers, rose 0.03 percent to 101.5015 in late trade.

In late New York trading, the euro was down to US$1.1025 from US$1.1038 in the previous session, and the British pound rose to US$1.2491 from US$1.2457 in the previous session.

The US dollar bought 133.9500 Japanese yen, higher than 133.52 Japanese yen from the previous session. The US dollar was up to 0.8940 Swiss francs from 0.8906 Swiss francs and it was down to 1.3602 Canadian dollars from 1.3646 Canadian dollars. The US dollar fell to SEK 10.2951 from SEK 10.3410.

The Federal Open Market Committee has about an 87 percent chance of raising the federal funds rate by another 25 basis points at the next monetary policy meeting in early May, according to data from the CME FedWatch Tool on Thursday afternoon.

Market participants focused on higher growth in the core price index for private consumer spending in the first quarter of this year, even as US economic expansion slowed to 1.1 percent in the period, from 2.6 percent in the final quarter of 2022.

Despite weaker-than-expected U.S. economic growth in the first quarter, the U.S. dollar rallied against major currencies on Thursday, said James Hyerczyk, senior market analyst at market intelligence provider FX Empire.


https://nord.news/2023/04/28/the-us-dollar-rises-on-the-prospect-of-a-fed-hike/?feed_id=25703

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