Dollar Turns Stronger Against Some Major Counterparts

The U.S. dollar traded firm against most of its peers on Friday, edging further up from the lows it touched earlier in the week.

The dollar index climbed to a two-decade high of 105.01 late last week after Fed Chair Jerome Powell reiterated that the central bank is considering to raise interest rates by a half point at the coming meetings in June and July.

However, it kept losing ground since then and dropped to around 102.70 on Thursday, despite having displayed some strength a day earlier on Powell's comments that the Fed won't hesitate to raise rates beyond neutral levels until prices start falling back towards healthy levels again.

The dollar index climbed to 103.26 earlier this afternoon, before paring some gains. At 103.01, the index is up 0.28% from the previous close.

Against the Euro, the dollar has firmed to $1.0560, gaining from $1.0586.

The dollar has weakened to $1.2495 against Pound Sterling, easing from $1.2473.

Against the Japanese currency, the dollar is up marginally, fetching 127.90 yen a unit. The dollar is slightly stronger against the Aussie at 0.7045.

The Swiss franc is trading at 0.9744 a dollar, weakening from 0.9728, while the Loonie is down marginally at 1.2838 a dollar.

Forex News