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U.S. dollar rallies amid Fed official's remarks

2019-06-27 05:47

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NEW YORK, June 26 (Xinhua) -- The U.S. dollar ticked up in late trading on Wednesday, as investors digested the latest remarks of St. Louis Federal Reserve Bank President James Bullard on future rate cuts.

Bullard, widely seen as one of the most dovish Fed officials, expressed a less dovish stance on Tuesday, saying that rate cut by 50 basis points would be too much in July, as the economic conditions would not require a move to that extent.

"I think 50 basis points would be overdone ... I don't think the situation really calls for that, but I would be willing to go 25 (basis points)," Bullard said in an interview with Bloomberg Television.

The dollar index, which measures the greenback against six major peers, was up 0.07 percent at 96.2134 in late trading.

In late New York trading, the euro decreased to 1.1369 dollars from 1.1372 dollars in the previous session, and the British pound fell to 1.2688 dollars from 1.2694 U.S. dollars in the previous session. The Australian dollar increased to 0.6984 dollar from 0.6959 dollar. The U.S. dollar bought 107.83 Japanese yen, higher than 107.14 Japanese yen of the previous session. The U.S. dollar was up to 0.9779 Swiss franc from 0.9751 Swiss franc, and it fell to 1.3115 Canadian dollars from 1.3181 Canadian dollars.
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