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New York: The US Dollar (USD) exchange rate weakened in late trading Tuesday local time (WIB Wednesday morning). The weakening came on the back of hawkish comments from European Central Bank (ECB) President Christine Lagarde, bolstering expectations of further interest rate hikes in Europe.

To quote xinhuaWednesday, June 28, 2023, the dollar index, which measures greenbacks against six major currencies, it was down 0.20% at 102.4918 at the end of the session. At the end of trade in New York, the euro rose to $1.0960 from $1.0915 in the previous session, and the pound rose to $1.2751 from $1.2721 in the session. former.

Meanwhile, the US Dollar bought 144.0130 Japanese Yen, higher from 143.4470 Japanese Yen in the previous session. The US dollar fell to 0.8931 Swiss franc from 0.8949 Swiss franc, and it rose to 1.3182 Canadian dollar from 1.3145 Canadian dollar. The US dollar fell to 10.7178 Swedish kronor from 10.7211 Swedish kronor.

Inflation in the eurozone is too high and likely to last too long, Ms Lagarde told a meeting of central banks in Portugal on Tuesday. Meanwhile, the US consumer confidence index rose in June as consumer inflation expectations hit their lowest level since December 2020.

The Conference Board reported that the consumer confidence index rose from 102.5 in May to 109.7 in June. It was the highest reading since January 2022 and much higher than economists had expected. A reading below 80 often signals a recession in the coming year. Consumers’ 12-month inflation expectations fell to 6.0% in June.

Additionally, a report from the Federal Housing Finance Agency showed that monthly house prices rose 0.7% in April after rising 0.5% in March. Prices rose 3.1% in the 12 months to April after rising 3.7% in March.

On the other hand, US stocks ended higher in late trading Tuesday local time (WIB Wednesday morning). This matches a series of new economic data indicating that the US economy is resilient despite higher interest rates.

The Dow Jones Industrial Average rose 212.03 points, or 0.63%, to 33,926.74. Next, the S&P 500 added 49.59 points, or 1.15%, to 4,378.41. The Nasdaq Composite Index rose 219.90 points, or 1.65%, to 13,555.67.

Ten of the S&P 500’s 11 primary sectors finished in the green, with consumer choice and technology leading the gains and gaining 2.06% and 2.04% respectively. Health bucked the trend losing 0.20%. US stocks rebounded as investors judged upbeat economic data.