The U.S. dollar declined against most major currencies on Wednesday as investors were digesting the latest remarks from a key Federal Reserve official.
Federal Reserve Governor Lael Brainard said on Tuesday the U.S. central bank should be cautious in raising rates while inflation remained weak.
Analysts said Brainard's comments dampened market expectation for an interest-rate hike later this year.
Meanwhile, the greenback hit the lowest level against Canadian dollar in more than two years on Wednesday after the Bank of Canada surprised many by raising interest rates by 25-basis-points to 1 percent following a hike in July.
The dollar index, which measures the greenback against six major peers, was down 0.03 percent at 92.220 in late trading.
In late New York trading, the euro rose to 1.1923 U.S. dollars from 1.1905 U.S. dollars, and the British pound climbed to 1.3049 U.S. dollars from 1.3027 U.S. dollars. The Australian dollar increased to 0.8002 U.S. dollar from 0.7990 U.S. dollar.
The U.S. dollar bought 109.32 Japanese yen, higher than 108.79 yen of the previous session. The U.S. dollar rose to 0.9566 Swiss franc from 0.9555 Swiss franc, and it edged down to 1.2222 Canadian dollars from 1.2382 Canadian dollars.
Federal Reserve Governor Lael Brainard said on Tuesday the U.S. central bank should be cautious in raising rates while inflation remained weak.
Analysts said Brainard's comments dampened market expectation for an interest-rate hike later this year.
Meanwhile, the greenback hit the lowest level against Canadian dollar in more than two years on Wednesday after the Bank of Canada surprised many by raising interest rates by 25-basis-points to 1 percent following a hike in July.
The dollar index, which measures the greenback against six major peers, was down 0.03 percent at 92.220 in late trading.
In late New York trading, the euro rose to 1.1923 U.S. dollars from 1.1905 U.S. dollars, and the British pound climbed to 1.3049 U.S. dollars from 1.3027 U.S. dollars. The Australian dollar increased to 0.8002 U.S. dollar from 0.7990 U.S. dollar.
The U.S. dollar bought 109.32 Japanese yen, higher than 108.79 yen of the previous session. The U.S. dollar rose to 0.9566 Swiss franc from 0.9555 Swiss franc, and it edged down to 1.2222 Canadian dollars from 1.2382 Canadian dollars.
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