US dol­lar rises against euro af­ter Fed of­fi­cial’s rate-hike com­ment

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar rose against the euro and yen in Asia Wed­nes­day, adding to gains driven by a U.S. Fed­eral Re­serve of­fi­cial’s sup­port for a Septem­ber in­ter­est rate hike.

In Tokyo, the dol­lar fetched 124.40 yen, against 124.36 yen in New York and 123.98 yen in Tokyo ear­lier Tues­day. The euro edged down to US$1.0864 and 135.10 yen from US$1.0882 and 135.32 yen in U.S. trad­ing.

On Tues­day, the dol­lar ad­vanced against other ma­jor cur­ren­cies af­ter U.S. Fed­eral Re­serve Bank of At­lanta Pres­i­dent Dennis Lock­hart told The Wall Street Jour­nal that he sup­ports lift­ing rates in Septem­ber bar­ring an un­ex­pected down­turn in the world’s top econ­omy.Lock­hart told the pa­per it “will take a sig­nif­i­cant de­te­ri­o­ra­tion in the eco­nomic pic­ture for me to be dis­in­clined to move ahead.”

“Our call all year has been for the Fed to start a very grad­ual rate hike cy­cle from Septem­ber,” Cal­lum Hen­der­son, the global head of for­eignex­change re­search at Stan­dard Char­tered, told Bloomberg News. The U.S. dol­lar was mostly stronger against other Asia-Pa­cific cur­ren­cies. It rose to SG$1.3857 from SG$1.3795 on Tues­day, to 45.75 Philip­pine pe­sos from 45.73 pe­sos, and to 1,172.63 South Korean won from 1,169.45 won.

The green­back inched up to 13,498 In­done­sian ru­piah from 13,495 ru­piah, while it shipped to 35.09 from 35.12 Thai baht and to 63.86 In­dian ru­pees from 63.98 ru­pees. The Aus­tralian dol­lar firmed to 73.54 U.S. cents from 73.28 cents, while the Chi­nese yuan fetched 20.05 yen against 19.97 yen.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.