Dollar Rises Against Major Counterparts
(RTTNews) - The U.S. dollar firmed against its major counterparts on Friday, after New York Fed President John Williams pushed back against market bets of multiple rate cuts by the central bank next year.
The greenback drifted lower in the past two sessions after the Federal Reserve's dovish tone signaled three interest rate cuts in 2024.
In economic news on Friday, the Federal Reserve released a report showing a modest rebound in U.S. industrial production in the month of November.
The report said industrial production rose by 0.2% in November after slumping by a downwardly revised 0.9% in October.
Economists had expected industrial production to climb by 0.3% compared to the 0.6% decrease originally reported for the previous month.
The rebound in industrial production came as manufacturing output increased by 0.3% in November after plunging by 1.2% in October following the resolution of strikes at several major automakers.
Meanwhile, a report released by the Federal Reserve Bank of New York said its general general business conditions index plunged to a negative 14.5 in December after surging to a positive 9.1 in November. Economists had expected the index to fall to a positive 2.0.
The dollar index climbed to 102.64, gaining nearly 0.7%.
Against the Euro, the dollar firmed to 1.0895 from 1.0994, gaining more than 1%. Against Pound Sterling, the dollar strengthened to 1.2677 from 1.2767, and against the Japanese currency, it moved up, fetching 142.22 yen a unit, compared to 141.89 yen a unit on Thursday.
The dollar gained marginally against the Aussie at 0.6702. Against Swiss franc, the dollar was up at CHF 0.8705, while against the Loonie, it eased to C$ 1.3381.
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