Business and Economy
US dollar climbs on solid data
FILE: Market analysts had said the Fed might start the balance sheet reduction as early as in September.
(Photo: 401(K) 2012/ Flickr, CC BY-SA 2.0)
NEW YORK, July 28— The US dollar rose against most major currencies on Thursday as economic data from the country came out positive.
New orders for manufactured durable goods in June increased 6.5 percent to USD 245.6 billion the U.S. Commerce Department announced on Thursday. The latest reading was higher than market expectations of a 3.5-percent gain.
In the previous session, the Federal Reserve left its benchmark interest rates unchanged as widely expected after concluding its two-day monetary policy meeting. But the central bank signaled that it would begin shrinking its balance sheet “relatively soon.”
Market analysts had said the Fed might start the balance sheet reduction as early as in September.
The dollar index, which measures the greenback against six major peers, was up 0.25 percent at 93.908 in late trading on Thursday.
In late New York trading, the euro fell to 1.1679 USD from USD 1.1700 US dollars and the British pound dropped to USD 1.3077 from USD 1.3094. The Australian dollar slipped to USD 0.7971 from USD 0.7972.
The US dollar bought 111.12 Japanese yen, lower than 111.44 yen of the previous session. The US dollar increased to 0.9635 Swiss franc from 0.9530 Swiss franc, and it edged up to 1.2546 Canadian dollars from 1.2483 Canadian dollars. (Xinhua)
