(MENAFN- FxPro) The dollar was higher against the euro and the other major currencies on Thursday after the Federal Reserve indicated that interest rates could rise in the coming months, possibly as early as September.
EUR/USD was down 0.20% to one-week lows of 1.0961 from 1.0983 late Wednesday.
In its rate statement on Wednesday the Fed noted that the economy and the labor market had continued to strengthen, reinforcing expectations for an initial rate hike at its September meeting.
Fed officials said they felt the economy had recovered from a first-quarter slowdown and was now "expanding moderately."
Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected.
The U.S. was to release figures on second quarter growth on Thursday, which were expected to show that the economy rebounded following a contraction in the first quarter after an unusually harsh winter.
The dollar rose to almost two-week highs against the yen, with USD/JPY up 0.22% to 124.21.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.27% to one-week highs of 97.50.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.