US Dollar Inches Up, Helped By Plosser Comments
The US dollar edged up versus the Japanese Yen in Asian trading today, after Philadelphia Federal Reserve Bank President Charles Plosser stressed that the Fed may not wait till employment reaches an “acceptable” level before raising the key interest rates. These comments raised hopes of hedge fund operators who bought the US currency, driving the price to 91.07 Yen from yesterday’s New York price of 90.95 Yen. Weak German data also helped the dollar gain in the world currency market.
However, trading at the US Dollar Index slipped, at 76.991 .DXY. The index gauges the performance of the greenback against a trade-weighted basket of six major currencies. Meanwhile, the single currency euro held steady at $1.4887, down marginally from late North American trading at $1.4489.
