The U.S. dollar advanced against the euro and other rivals on Wednesday after Federal Reserve Chairman Jerome Powell refused to rule out the possibility of...
The U.S. dollar advanced against the euro and other rivals on Wednesday after Federal Reserve Chairman Jerome Powell refused to rule out the possibility of consecutive interest rate hikes as the central bank continues its battle against inflation. The ICE U.S. Dollar Index DXY, +0.50%, a gauge of the dollar’s strength against a basket of its main rivals, rose 0.5% to 103.01. Most of this decline was driven by the euro EURUSD, -0.48%, which fell 0.5% to $1.09. The Japanese yen USDJPY, +0.
5 basis points to 3.733%. Central-bank chiefs reiterated their intentions to keep policy tight until the inflation dragon has been slain during a gathering of some of the world’s most influential central bankers in Sintra, Portugal on Wednesday. Powell clarified that the Fed hadn’t taken interest-rate hikes at consecutive meetings off the table, even as he said the Fed would likely move forward by allowing for some time in between hikes.
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