Sat, 21 May 2022

U.S. dollar rises ahead of key economic data

Xinhua
11 May 2022, 06:30 GMT+10

NEW YORK, May 10 (Xinhua) -- The U.S. dollar appreciated in late trading on Tuesday as market participants are awaiting U.S. inflation readings.

The dollar index, which measures the greenback against six major peers, rose 0.26 percent to 103.9200.

In late New York trading, the euro fell to 1.0534 U.S. dollars from 1.0567 dollars in the previous session, and the British pound fell to 1.2318 U.S. dollars from 1.2344 dollars in the previous session. The Australian dollar was down to 0.6941 U.S. dollars from 0.6959 U.S. dollars.

The U.S. dollar bought 130.39 Japanese yen, higher than 130.31 Japanese yen of the previous session. The U.S. dollar was up to 0.9953 Swiss franc from 0.9930 Swiss franc, and it increased to 1.3022 Canadian dollars from 1.2989 Canadian dollars.

Traders are looking to the April U.S. consumer price index, a key measure of inflation, which is slated to be released on Wednesday.

Last week, the U.S. Federal Reserve announced a half-point increase in its benchmark rate, the sharpest rate hike since 2000, as part of its effort to fight inflation.

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