Dollar Stays Firm Against Major Counterparts

RTTNews · 07 Jul 2022 172 Views

The U.S. dollar extended is gains against its most major counterparts as rising worries about global economic slowdown and strong services sector data boosted the demand for the safe-have currency on Wednesday.

Later on in the session, traders digested the minutes from the Federal Reserve's June monetary policy meeting.

The minutes from the Fed's latest monetary policy meeting showed the central bank was committed to bringing down inflation.

The minutes said the members of the central bank said there would be another 50 or 75-basis point move in the July meeting.

The minutes also said that the participants continued to anticipate that ongoing increases in the target range for the federal funds would be appropriate to achieve the monetary policy committee's objectives.

The Institute for Supply Management's non-manufacturing PMI rose to 55.3 in June, beating forecasts for a rise to 54.3.

The dollar index surged to 107.26, a fresh 20-year high, before paring some gains and dropping to 107.07, still firmly up with a gain of about 0.5%.

Against the Euro, the dollar firmed to $1.0185 from $1.0265, gaining about 0.8%.

The dollar is up against Pound Sterling at $1.1921, gaining from $1.1958.

Against the Japanese currency, the dollar is down marginally, fetching 135.92 yen a unit.

The dollar is firm against the Aussie at 0.6780, strengthening from 0.6802.

Against Swiss franc the dollar is stronger at CHF 0.9706, firming from CHF 0.9687. The dollar is up slightly against the Canadian currency, fetching C$1.3036 a unit. The Canadian dollar weakened to 1.3079 a dollar before cutting losses and firming to around 1.3020.

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