Dollar gains further on Fed rate expectations

Dollar gains further on Fed rate expectations
Updated on

Summary The dollar rose against the euro on Thursday on Federal Reserve rate expectations.

NEW YORK (AFP) - The US dollar added to gains against the euro Thursday as fresh positive US economic data followed a slightly accelerated monetary tightening outlook from the Federal Reserve.

At 2200 GMT the dollar was at $1.3779, compared to $1.3827 late Wednesday.

The dollar edged higher to 102.42 yen from 102.32 yen, while the euro slipped to 141.14 yen from 141.53.

The British pound fell to $1.6506 from $1.6536, while the dollar rose to 0.8835 Swiss francs from 0.8807.

The dollar got support from a positive report on weekly US jobless claims and an in-line report on February existing-home sales.

Meanwhile the Conference Board s Index of Leading Indicators and the Philadelphia Fed s manufacturing index both solidly beat Wall Street estimates.

On Wednesday the dollar shot up after Fed Chair Janet Yellen said that a rate hike may begin "around six months" after the Fed s stimulus program ends, which could put it in the first half of 2015. Many rate watchers had expected the hike to come in late 2015.
 

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