NEW YORK, Nov. 13 (Xinhua) -- The U.S. dollar gained slightly in late trading on Wednesday as market participants digested the testimony from the Federal Reserve chief.

U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that the current stance of monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track, according to his prepared remarks provided to the Joint Economic Committee of Congress.

"We will be monitoring the effects of our policy actions, along with other information bearing on the outlook, as we assess the appropriate path of the target range for the federal funds rate," Powell said.

Noting "policy is not on a preset course," Powell said the Fed would respond accordingly "if developments emerge that cause a material reassessment of our outlook."

The dollar index, which measures the greenback against six major peers, rose 0.06 percent at 98.3778 in late trading.

In late New York trading, the euro decreased to 1.0999 U.S. dollars from 1.1009 dollars in the previous session, and the British pound was down to 1.2837 dollars from 1.2855 dollars in the previous session. The Australian dollar fell to 0.6830 dollar from 0.6842 dollar.

The U.S. dollar bought 108.77 Japanese yen, lower than 108.96 Japanese yen of the previous session. The U.S. dollar decreased to 0.9893 Swiss franc from 0.9923 Swiss franc, and it increased to 1.3254 Canadian dollars from 1.3222 Canadian dollars. Enditem

Related

Go to Forum >>0 Comment(s)