Dollar clings to gains as bets on further Fed hikes firm - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 10/6/2022 5:30 AM
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The dollar fought for a footing in choppy trade on Thursday, with support from upbeat US data and hawkish policymaker comments, while the prospect of higher energy prices helped exporters’ currencies and weighed on those of importers.

The dollar rose 1% on the euro and 1.3% on sterling overnight and was trying to hold those gains in bumpy early trade in Asia.The dollar rose 1% on the euro and 1.3% on sterling overnight and was trying to hold those gains in bumpy early trade in Asia.

San Francisco Fed President Mary Daly reiterated policymakers’ focus on inflation fighting and dismissed market hopes for rate cuts in 2023. The US dollar index wobbled 0.06% lower to 110.86, off lows near 110 from earlier in the week, though some distance below last week’s 20-year high of 114.78.

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