The U.S. dollar rose on Thursday, supported by increased demand for safe-haven assets, as traders assessed the cautious tone of Federal Reserve Chair Jerome Powell regarding inflation.
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According to Bloomberg News, the U.S. Dollar Index—which measures the performance of the dollar against a basket of six major currencies—climbed 0.11% to reach 99, nearing a weekly gain of about 0.9%, marking its strongest weekly performance since late January.
The euro fell to its lowest level in a week, declining 0.25% in recent trading to $1.1455, on track for a 0.8% weekly loss—its largest since February. The British pound also dropped by 0.14% to $1.3403 ahead of the Bank of England’s policy decision, which is expected to keep interest rates unchanged.
The Swiss franc traded at 0.81995 against the dollar ahead of the Swiss National Bank’s monetary policy decision.
In the latest trading, the Japanese yen stood at 145.13 per dollar.
The Australian dollar fell by up to 0.5%, and by 0.3% in the latest trades to $0.6489. The New Zealand dollar dropped 0.5% to $0.5998.
Emerging market currencies also suffered losses, with the South Korean won down by 1%.
