US Biz
2023/10/11
source:
Print
NEW YORK, Oct. 10 (Xinhua) -- The U.S. dollar lost in late trading on Tuesday, as dovish comments from U.S. Federal Reserve officials pushed Treasury yields lower.
The dollar index, which measures the greenback against six major peers, fell 0.24 percent to 105.8270 in late trading.
Speaking at the annual convention for the American Bankers Association on Tuesday, Atlanta Federal Reserve President Raphael Bostic said that he thinks monetary policy is in the right place to bring inflation down to the Fed's goal of 2 percent.
"We have clearly moved into a restrictive place - the economy is clearly slowing down - and a lot of our policy impact has yet to come," Bostic said.
Later Tuesday, Fed Governor Christopher Waller reiterated the U.S. central bank's determination to bring inflation down to its 2 percent target, but did not comment on Fed interest rate hikes. "Price stability is a primary responsibility of the Federal Reserve, this is why we have taken forceful steps aimed at reducing inflation - and why we will stay on the job to achieve our objective."
The 10-year Treasury yield came off its 16-year peak on Tuesday, on track for its steepest single-day drop in nearly seven months, as trading resumed in the U.S. bond market after Columbus Day.
Traders put the chance of interest rates remaining unchanged in November and December at around 88 percent and 74 percent, respectively, according to CME's FedWatch tool.
In late New York trading, the euro rose to 1.0598 U.S. dollars from 1.0566 dollars in the previous session, and the British pound rose to 1.2280 U.S. dollars from 1.2236 dollars.
The U.S. dollar bought 148.7260 Japanese yen, higher than 148.4380 Japanese yen of the previous session. The U.S. dollar fell to 0.9049 Swiss francs from 0.9054 Swiss francs, and it rose to 1.3588 Canadian dollars from 1.3586 Canadian dollars. The U.S. dollar was down to 10.8696 Swedish krona from 10.9607 Swedish krona.