Dollar holds steady

21 June, 2017

The dollar held steady against the other major currencies on Wednesday, as investors were eyeing the release of U.S. housing sector data due later in the day after comments by Federal Reserve officials sparked uncertainty over future rate hikes.EUR/USD edged up 0.12% to 1.1147.The U.S. dollar found support by hawkish remarks made on Monday by New York Fed president William Dudley, who reinforced expectations for the Fed to keep raising interest rates.However, Chicago Fed president Charles Evans did deliver a more dovish outlook after the market close on Monday, suggesting that it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again.GBP/USD slipped 0.13% to trade at 1.2615 after the U.K. Office of National Statistics said public sector net borrowing rose by £5.99 billion in May, compared to expectations for an increase of £7.00 billion.Public sector net borrowing rose £8.68 billion in April, whose figure was revised from a previously estimated gain of £9.65 billion.Elsewhere, USD/JPY shed 0.21% to 111.22, while USD/CHF edged 0.11% lower to 0.9739.The Australian dollar was weaker, with AUD/USD down 0.22% at 0.7564, while NZD/USD was little changed at 0.7241.Meanwhile, USD/CAD added 0.19% to trade at 1.3293.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.34.


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