U.S. dollar rises amid Fed chair remarks

  • World
  • Wednesday, 07 Oct 2020

NEW YORK, Oct. 6 (Xinhua) -- The U.S. dollar increased in late trading on Tuesday as market participants digested remarks from Federal Reserve Chairman Jerome Powell.

The dollar index, which measures the greenback against six major peers, rose 0.18 percent at 93.6840.

In late New York trading, the euro decreased to 1.1752 U.S. dollars from 1.1774 dollars in the previous session, and the British pound decreased to 1.2900 dollars from 1.2971 U.S. dollars in the previous session. The Australian dollar fell to 0.7116 U.S. dollar from 0.7174 dollar.

The U.S. dollar bought 105.55 Japanese yen, lower than 105.72 Japanese yen of the previous session. The U.S. dollar increased to 0.9166 Swiss franc from 0.9160 Swiss franc, and it increased to 1.3297 Canadian dollars from 1.3268 Canadian dollars.

U.S. economic recovery remains far from complete and a prolonged slowing in the pace of improvement over time could trigger typical recessionary dynamics, Powell said Tuesday at the National Association for Business Economics virtual annual meeting.

He noted that U.S. fiscal and monetary policy actions have so far "substantially muted" the normal recessionary dynamics that occur in a downturn, but without further support those downward trends could still emerge.

Meanwhile, traders cautiously looked for clues on whether lawmakers in Washington could reach a compromise on new stimulus to support the economy ravaged by the pandemic.

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