Dollar Rises Against Major Rivals Ahead Of Fed Meeting
(RTTNews) - The U.S. dollar firmed against is major counterparts on Monday with traders betting on aggressive policy tightening by the Federal Reserve to fight inflation.
The Fed, which is scheduled to meet on Tuesday and Wednesday, is widely expected to raise its interest rate by another 75 basis points - its fourth straight increase - to fight rising inflation.
Some analysts expect the Fed to slow down the pace of its rate hikes from December.
A report from the Institute for Supply Management (ISM) showed the Chicago PMI in the U.S. dropped to 45.20 points in October from 45.70 points in September of 2022. The reading was the lowest since June of 2020.
The dollar index climbed to 111.67 a little before noon, and was last seen at 111.57, up 0.74% from the previous close.
Against the Euro, the dollar has strengthened to 0.9982 from 0.9966, gaining nearly 0.9%.
The dollar is trading at 1.1467 against Pound Sterling, firming from 1.1617.
Against the Japanese currency, the dollar is stronger at 148.75 yen, gaining from 147.48 yen.
The dollar is firm against the Aussie, with the AUD/USD trading at 0.6387.
Against Swiss franc, the dollar quite strong, fetching CHF 1.0019 a unit, compared with CHF 0.9960 on Friday.
The dollar is up marginally against the Loonie at C$1,3624, after having firmed to C$1.3686 earlier in the day.
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