Dollar strengthens sharply after Powell’s comments
2023.03.07 11:44
Dollar strengthens sharply after Powell’s comments
By Kristina Sobol
Budrigannews.com – After Federal Reserve Chairman Jerome Powell said that the U.S. central bank will stay the course until the job is done and that the final level of interest rates is likely to be higher than anticipated, the dollar gained against a basket of currencies on Tuesday.
Additionally, Powell stated that the Fed is prepared to accelerate rate hikes if data indicate that this is necessary. Following larger increases last year, the bank slowed down its tightening to 25 basis points at its most recent two meetings.
At 105.2, the was up 0.91 percent for the day. The euro fell 0.84 percent to $1.0593.
The dollar rose 0.80 percent to 136.85 Japanese yen.
