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| Commodity News |
| HeadLine : |
Dollar firm near nine-month high on Fed rate outlook |
| Date : |
Oct 25 2016 |
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The dollar held near nine-month highs against a basket of major currencies on Tuesday as solid U.S. manufacturing activity and comments from a Federal Reserve official cemented expectations of a U.S. rate hike by year-end.The dollar's index against a basket of six major currencies USD hit its highest level since early February, climbing to a high of 98.846, having risen 3.6 percent so far this month.Strong U.S. manufacturing data boosted U.S. bond yields and supported the dollar.Adding to the positive backdrop for the dollar, Chicago Fed President Charles Evans said on Monday the Fed could raise rates three times between now and the end of 2017, so long as inflation expectations and the labor market continue to improve.
Sources: Investing.com.
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