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​U.S. dollar rises amid ECB decision

2018-07-27 08:40

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The U.S. dollar index increased against other major currencies in late trading on Thursday, as the European Central Bank (ECB) decided to maintain the key interest rates for the euro area and enhanced forward guidance on them unchanged.

The Eurozone base interest rate will remain at 0.00 percent, with the marginal lending rate and deposit rate remaining at 0.25 percent and minus 0.40 percent respectively.

In line with the forward guidance released after last ECB Governing Council meeting in June, the ECB went on expecting that the key interest rates will remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2 percent over the medium term.

The ECB reaffirmed that the monthly net asset purchases will be cut to 15 billion euros (17.6 billion U.S. dollars) from October until the end of December 2018 and that net purchases will then end.

On the economic front, in the week ending July 21, the advance figure for seasonally adjusted initial claims was 217,000, an increase of 9,000 from the previous week's revised level, according to the Labor Department on Thursday. The previous week's level was revised up by 1,000 from 207,000 to 208,000.
The four-week moving average was 218,000, a decrease of 2,750 from the previous week's revised average. The previous week's average was revised up by 250 from 220,500 to 220,750, said the department.
The dollar index, which measures the greenback against six major peers, increased 0.39 percent at 94.748 in late trading.
In late New York trading, the euro fell to 1.1645 dollars from 1.1699 dollars in the previous session, and the British pound was down to 1.3109 dollars from 1.3172 U.S. dollars in the previous session. The Australian dollar dipped to 0.7376 dollar from 0.7437 dollar.
The U.S. dollar bought 111.22 Japanese yen, higher than 110.83 Japanese yen of the previous session. The U.S. dollar was up to 0.9945 Swiss franc from 0.9924 Swiss franc, and it increased to 1.3067 Canadian dollars from 1.3049 Canadian dollars. Enditem
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