Economic news

Fed rate increases bets support dollar after Powell's speech

The dollar traded near a three-week peak versus a basket of major currencies on Wednesday, after optimistic comments from Federal Reserve Chairman Jerome Powell on the economy supported bets on further Fed interest rate increases in 2018.

Photo: Reuters

The dollar index was steady at 90.395, after touching a peak of 90.498 in the previous session, its top in near three weeks.

The greenback slipped 0.2 percent to 107.10 yen.

The euro was down 0.1 percent at $1.2224, after briefly dipping to $1.2215, its trough since Feb. 9.

Experts have warned the single currency could be subject to potential leap in prices ahead of national election in Italy on Sunday, and amid coalition talks in Germany.

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