Sat, 21 May 2022

U.S. dollar retreats from 20-year high

Xinhua
10 May 2022, 06:44 GMT+10

NEW YORK, May 9 (Xinhua) -- The U.S. dollar inched lower in late trading on Monday after touching a 20-year high earlier in the session.

The dollar index, which measures the greenback against six major peers, was down 0.01 percent to 103.6510. Earlier in the day, the index hit 104.19, its highest level since 2002.

In late New York trading, the euro increased to 1.0567 U.S. dollars from 1.0550 dollars in the previous session, and the British pound increased to 1.2344 U.S. dollars from 1.2333 dollars in the previous session. The Australian dollar fell to 0.6959 U.S. dollars from 0.7076 U.S. dollars.

The U.S. dollar bought 130.31 Japanese yen, lower than 130.57 Japanese yen of the previous session. The U.S. dollar increased to 0.9930 Swiss franc from 0.9882 Swiss franc, and it rose to 1.2989 Canadian dollars from 1.2906 Canadian dollars.

Market participants continue to weigh the Federal Reserve's interest-rate path.

Last week, the Fed hiked U.S. interest rates by 50 basis points, the largest move in over 20 years, and signaled that half-point rises remain on the table for the next couple of meetings.

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