Dollar Stays Firm Against Major Counterparts
(RTTNews) - The U.S. dollar gained against most of its major counterparts on Friday with traders betting on the Federal Reserve keeping interest rates higher for longer in order to keep inflation under control.
With the Fed widely expected to raise interest rates by another 25 basis point, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.
The dollar index, which rose to 100.19 around mid morning, pared some gains subsequently and was last seen at 101.06, up 0.18% from the previous close.
Against the Euro, the dollar was up slightly at 1.1127. Against Pound Sterling, it gained slightly at 1.2861.
The dollar strengthened against the Japanese currency, fetching 141.73 yen a unit, up sharply from 140.07 yen on Thursday.
Against the Aussie, the dollar firmed to 0.6730 from 0.6778, and against Swiss franc edged down slightly to CHF 0.8661, while against the Loonie, it has climbed to C$1.3216 after Canada's retail sales in the month of May fell short of expectations.
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