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New York: The US dollar strengthened in late trading on Monday local time.

The strengthening comes as investors continue to pay close attention to Fed Chair Jerome Powell’s speech on Wednesday for additional insight into the Federal Reserve’s next meeting scheduled for December.

Launch ChinaTuesday November 7, 2023, the dollar index, which measures greenbacks Against six other major currencies, it rose 0.19 percent to 105.2191 in late trading.

At the end of trading in New York, the euro fell to 1.0723 US dollars from 1.0736 US dollars in the previous session. Meanwhile, the British pound fell to 1.2351 US dollars from 1.2380 US dollars.

The US dollar bought 149.9690 Japanese yen, higher than 149.3240 Japanese yen in the previous session. The US dollar rose from 0.8981 Swiss francs to 0.8987 Swiss francs, and to 1.3691 Canadian dollars from 1.3659 Canadian dollars. The US dollar strengthened to 10.9080 Swedish crowns from 10.8744 Swedish crowns.

Also read: The FED maintains its interest rates between 5.25 and 5.50%

 

Central bank interest rate targets

Fed Governor Lisa Cook said she hoped the central bank’s current interest rate target would be enough to bring inflation back to its 2 percent target.

“We hope that this policy will be tight enough that we can return to the 2% target over time. But we will continue to be vigilant to ensure that the inflation target is met,” Cook said in a statement. speech at Duke University.

U.S. Treasury yields, which fell to multi-week lows last week, began to recover and helped the U.S. dollar stop its hemorrhaging on Monday.

The interest rate on two-year bonds increased to 4.90 percent. Meanwhile, yields on bonds with tenors of 5 and 10 years increased to 4.60 percent and 4.65 percent, respectively.

In the Eurozone, the S&P Global/HCOB Services Purchasing Managers’ Index (PMI) remained unrevised at 47.8 last month, in line with analyst forecasts, down from 48.7 in September and at its lowest level since February 2021.