Dollar Pares Early Gains
2024-09-13
1869
(fxcue news) - The U.S. dollar gained some ground against its major counterparts on Friday, as bond yields moved higher, and stocks eased amid rising tensions in the Middle East.
However, prospects of more reductions in interest rate in coming months limited the greenback's upside.
Meanwhile, Federal Reserve Governor Michelle Bowman said cutting interest rates by a half percentage point this week risked signaling the US central bank was declaring victory over inflation too early.
"The committee's larger policy action could be interpreted as a premature declaration of victory on our price stability mandate," Bowman said in a statement released Friday. "I believe that moving at a measured pace toward a more neutral policy stance will ensure further progress in bringing inflation down to our 2% target."
The dollar index, which advanced to 101.02, gave up most of its gains and was at 100.75 a little while ago, up 0.13% from previous close.
Against the Euro, the dollar edged down slightly at 1.1164. Against Pound Sterling, the dollar weakened to 1.3323.
The dollar firmed against the Japanese currency, fetching 143.89 yen a unit. Against the Aussie, the dollar gained marginally at 0.6808.
The Swiss franc weakened to 0.8504 a unit of U.S. dollar, while the Loonie declined marginally to 1.3570 against the greenback.
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