The U.S. dollar rose against most major currencies on Wednesday amid market speculations for more aggressive rate-hiking later this year.
Federal Reserve Chairman Jerome Powell said on Tuesday that despite recent volatility of the financial market, Fed governors still plan on hiking rates multiple times throughout 2018.
He told lawmakers "gradually reducing monetary policy accommodation will sustain a strong labor market while fostering a return of inflation to two percent."
The new chair signaled the central bank could hike rates more than three times this year should economic and inflation data continue to prove healthy.
The dollar index, which measures the greenback against six major peers, rose 0.35 percent at 90.648 in late trading.
In late New York trading, the euro fell to 1.2202 dollars from 1.2236 dollars in the previous session, and the British pound fell to 1.3769 dollars from 1.3917 U.S. dollars in the previous session. The Australian dollar fell to 0.7778 dollar from 0.7797 dollar.
The U.S. dollar bought 106.72 Japanese yen, lower than 107.39 Japanese yen of the previous session. The U.S. dollar rose to 0.9442 Swiss franc from 0.9389 Swiss franc, and it was up to 1.2830 Canadian dollars from 1.2752 Canadian dollars.
Federal Reserve Chairman Jerome Powell said on Tuesday that despite recent volatility of the financial market, Fed governors still plan on hiking rates multiple times throughout 2018.
He told lawmakers "gradually reducing monetary policy accommodation will sustain a strong labor market while fostering a return of inflation to two percent."
The new chair signaled the central bank could hike rates more than three times this year should economic and inflation data continue to prove healthy.
The dollar index, which measures the greenback against six major peers, rose 0.35 percent at 90.648 in late trading.
In late New York trading, the euro fell to 1.2202 dollars from 1.2236 dollars in the previous session, and the British pound fell to 1.3769 dollars from 1.3917 U.S. dollars in the previous session. The Australian dollar fell to 0.7778 dollar from 0.7797 dollar.
The U.S. dollar bought 106.72 Japanese yen, lower than 107.39 Japanese yen of the previous session. The U.S. dollar rose to 0.9442 Swiss franc from 0.9389 Swiss franc, and it was up to 1.2830 Canadian dollars from 1.2752 Canadian dollars.
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