The U.S. dollar gained in strength against its peers on Tuesday, riding on comments from Federal Reserve Chairman Jerome Powell that the economic recovery had progressed more quickly than expected and appeared to be strengthening.
Powell noted that the economic recovery is “far from complete,” however, and stressed the Fed will continue to provide the support that the economy needs for “as long as it takes.”
The dollar index rose to 92.40 gaining more than 0.7%.
Against the Euro, the dollar firmed up to $1.1851, gaining about 0.7%.
The Pound Sterling weakened against the dollar, fetching $1.3747, about 0.85% less than Monday’s close of $1.3865. The Pound fell as tensions between the European Union and the U.K. intensified after the bloc threatened to ban AstraZeneca’s vaccine exports to other countries.
The Yen was stronger at 108.57 a dollar, compared to 108.85 a dollar Monday evening.
The dollar strengthened to 0.7624 against the Aussie, moving up nearly 1.6%.
Against Swiss franc, the dollar was stronger, fetching CHF 0.9340 a unit, compared to CHF 0.9233 on Monday, while the Loonie weakened to 1.2588 from 1.2522 a dollar as crude oil prices plummeted.
The material has been provided by InstaForex Company – www.instaforex.com