US dollar rises as trade, Fed rates in focus

0 Comment(s)Print E-mail Xinhua, June 13, 2019
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The U.S. dollar rose on Wednesday as investors monitored the global trade prospects as well as Federal Reserve's next monetary policy move.

The dollar briefly dipped in the morning session after the U.S. Labor Department said the country's consumer price index for all urban consumers increased 0.1 percent in May on a seasonally adjusted basis, after rising 0.3 percent in April.

The closely-watched core inflation that strips out food and energy also advanced a scant 0.1 percent last month.

The muted inflation data came as investors increasingly speculate interest rate cuts from the Federal Reserve.

Market expectations for lower rates by July were at 84.3 percent on Wednesday, according to the CME Group's FedWatch tool.

The dollar then went up as market regained optimism that the United States will nail agreements with its major trading partners.

The dollar index, which measures the greenback against six major peers, rose 0.33 percent at 96.9989 in late trading.

In late New York trading, the euro fell to 1.1286 dollars from 1.1332 dollars in the previous session, and the British pound decreased to 1.2687 dollars from 1.2722 U.S. dollars in the previous session. The Australian dollar decreased to 0.6926 dollar from 0.6959 dollar.

The U.S. dollar bought 108.50 Japanese yen, higher than 108.49 Japanese yen of the previous session. The U.S. dollar was up to 0.9956 Swiss franc from 0.9918 Swiss franc, and it rose to 1.3332 Canadian dollars from 1.3286 Canadian dollars. 

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