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US dollar rallies after Fed chair nominee's comments
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IANS | 29 Nov, 2017
The US dollar rose against most other major currencies after US Federal
Reserve chair nominee Jerome Powell said he expected the central bank to
continue monetary tightening and to ease regulatory burdens on
financial system.
"If confirmed, I would strive, along with my
colleagues, to support the economy's continued progress toward full
recovery," said Powell in remarks to be delivered at his Senate
confirmation hearing on Tuesday, Xinhua reported.
"We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink," he added.
The dollar index, which measures the greenback against six major peers, increased 0.45 per cent at 93.318 in late trading.
In
late New York trading, the euro fell to $1.1839 from $1.1899 in the
previous session, and the British pound rose to $1.3376 from $1.3317 in
the previous session. The Australian dollar lost to $0.7597 from
$0.7607.
The US dollar bought 111.55 Japanese yen, higher than 111.02 yen of the previous session.
The
US dollar climbed to 0.9844 Swiss franc from 0.9813 Swiss franc, and it
moved up to 1.2816 Canadian dollars from 1.2763 Canadian dollars.
Powell, who is currently a member of the Fed's Board of Governors, was
nominated by President Donald Trump to replace chair Janet Yellen, whose
term as chair expires in February 2018. He is expected to face smooth
confirmation at the Senate.
On the economic front, the
international trade deficit came in at $68.3 billion in October, up $4.2
billion from $64.1 billion in September, the US Commerce Department
said on Tuesday.
Meanwhile, the S&P CoreLogic Case-Shiller US
National Home Price NSA Index reported on Tuesday a 6.2 per cent annual
gain in September, up from 5.9 per cent in the previous month.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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