Dollar higher as Fed signals no rush to cut rates, BoE holds rates steady

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Dollar higher as Fed signals no rush to cut rates, BoE holds rates steady - Channel News Asia

Quick Summary:

LONDON :The dollar rose on Thursday after the Federal Reserve indicated it was in no rush to cut rates further this year due to uncertainties around U.S.tariffs, while the pound remained lower after the Bank of England kept rates steady.

The dollar index, which measures the U.S.currency against six others, was 0.5 per cent higher at 103.85 but still close to the five-month low of 103.19 touched earlier this week.The euro was down 0.5 per cent at $1.0849.

Sweden's crown has been the best performing major currency against the dollar this year on expectations of a ceasefire in Ukraine and improved domestic economic prospects.