2023-06-29 17:28:00
The US dollar rose to a two-week high on Thursday, after economic data showed that the labor market remained on a solid footing, giving the US Federal Reserve an opportunity to continue raising interest rates.
Market expectations for the Fed to hike by 25 basis points at its July meeting rose to 86.8% after the data from 81.8% in the previous session.
According to Archyde.com news agency, the US dollar index rose 0.204% to 103.150, after earlier rising to 103.44, its highest level since June 13.
USDJPY rose for the third consecutive day, hitting a fresh 7-1/2-month high of 144.90, as the US and Japan’s central bank policy plans are expected to remain at opposite ends of the spectrum.
The yen fell 0.07% against the dollar, to 144.59 per dollar.
Fed Chairman Jerome Powell, speaking at the ECB conference, did not rule out a rate hike at the Fed’s July meeting, indicating that more rate hikes are coming from the central bank.
He said he does not see inflation falling to the Fed’s 2% target until at least 2025.
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