Wed, 10 Aug 2022

U.S. dollar rises amid Fed minutes

Xinhua
07 Jul 2022, 06:49 GMT+10

NEW YORK, July 6 (Xinhua) -- The U.S. dollar appreciated in late trading on Wednesday as market participants digested the Federal Reserve's latest meeting minutes.

The dollar index, which measures the greenback against six major peers, rose 0.52 percent to 107.0910.

In late New York trading, the euro decreased to 1.0183 U.S. dollars from 1.0265 dollars in the previous session, and the British pound was down to 1.1926 dollars from 1.1949 U.S. dollars in the previous session. The Australian dollar was unchanged at 0.6791 U.S. dollar.

The U.S. dollar bought 135.96 Japanese yen, higher than 135.68 Japanese yen of the previous session. The U.S. dollar increased to 0.9714 Swiss franc from 0.9685 Swiss franc, and it was down to 1.3043 Canadian dollars from 1.3048 Canadian dollars.

The Fed's June meeting minutes released on Wednesday revealed the central bank increasingly worried about inflation and inflation expectations.

With surging inflation showing no signs of abating, another interest rate increase of 50 or 75 basis points is likely at the upcoming meeting in July, according to the filing.

Meanwhile, Fed policymakers "recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist," said the minutes.

In June, the U.S. central bank delivered a 75 basis point rate hike, the biggest increase since 1994, in an effort to stifle rampant inflation.

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