Xinhua
25 May 2023, 07:18 GMT+10
New York, May 24 (Xinhua) -- The U.S. dollar index edged higher on Wednesday as concerns over U.S. debt ceiling talks stoked risk aversion among investors.
The dollar index, which measures the greenback against six major peers, increased 0.38 percent to 103.8847 in late trading.
The fall of major stocks markets across the globe weighed on risk appetite on Wednesday bolstering the U.S. dollar.
Demand for the safe-haven U.S. dollar is rising as traders stay focused on debt ceiling talks, said Vladimir Zernov, analyst with market information supplier FX Empire.
As U.S. President Joe Biden and House Speaker Kevin McCarthy continue to negotiate over raising the federal debt ceiling, Treasury Secretary Janet Yellen reaffirmed Wednesday that the Treasury would be unlikely to meet all U.S. government payment obligations as early as June 1, without a congressional decision to raise the debt ceiling of 31.4 trillion U.S. dollars.
"We are committed to not having missed payments and raising the debt ceiling, but we're not involved in planning for what happens if there's a default," Yellen said.
Meanwhile, Federal Reserve officials were divided over the interest rates, with some members seeing the need for more increases while others expected a slowdown to remove the need to tighten further, according to the minutes of the Federal Open Market Committee's May meeting released on Wednesday.
Participants generally expressed uncertainty about how much more policy tightening may be appropriate, with many participants focusing on the need to retain optionality after this meeting, said the minutes, which provided more insight into the central bank's thinking on interest rates and inflation.
"I do not support stopping rate hikes unless we get clear evidence that inflation is moving down towards our 2 percent objective, but whether we should hike or skip at the June meeting will depend on how the data come in over the next three weeks," said Federal Reserve Governor Christopher Waller.
In late New York trading, the euro fell to 1.0750 U.S. dollars from 1.0775 dollars in the previous session, and the British pound was down to 1.2361 U.S. dollars from 1.2417 dollars in the previous session.
The U.S. dollar bought 139.1400 Japanese yen, higher than 138.5240 Japanese yen of the previous session. The U.S. dollar increased to 0.9051 Swiss franc from 0.9013 Swiss franc, and it increased to 1.3598 Canadian dollars from 1.3505 Canadian dollars. The U.S. dollar increased to 10.7255 Swedish Krona from 10.6239 Swedish Krona.
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationWASHINGTON D.C.: Amtrak CEO Stephen Gardner said this week that despite projected losses of $800 million for the current budget ...
WASHINGTON D.C.: The Biden administration has announced that it is providing grants worth $570 million to eliminate many dangerous railroad ...
PARIS, France: According to a report by BFM TV, Britain's King Charles is considering a visit to France in September, ...
WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...
PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...
PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
Washington [US], June 10 (ANI): Actor and comedian Mike Batayeh, most remembered for his role in 'Breaking Bad' as the ...
Washington [US], June 10 (ANI): On the set of the sequel to 'Gladiator' in Morocco on Wednesday, many crew members ...
Washington [US], June 10 (ANI): Naomi Watts and Billy Crudup fanned marriage rumours Friday when they were seen wearing similar ...
New Delhi [India], June 10 (ANI): President Droupadi Murmu on Friday arrived in Delhi after concluding a successful six-day tour ...
Justin Leonard broke the course record with a 10-under-par 62 to establish a three-shot lead after one round of the ...