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U.S. dollar rises on rate-hike expectations

Xinhua, October 22, 2016 Adjust font size:

The U.S. dollar rallied against most major currencies on Friday as recent Federal Reserve official's comments and upbeat data bolstered market expectation for a rate-hike later this year.

New York Federal Reserve President William Dudley said on Wednesday that he expected the Fed to raise rates by the end of this year, adding that his forecast depends on the economy staying on its current trajectory.

Recent economic data from the country also came out positive. Total existing home sales surged 3.2 percent to a seasonally adjusted annual rate of 5.47 million units in September from a slight downwardly-revised 5.30 million in July, beating market consensus, the National Association of Realtors (NAR) said on Thursday.

Moreover, the greenback continued its winning track against the euro on Friday after the European Central Bank President Mario Draghi said on Thursday that the bank kept a wide range of options open for further stimulus by year-end.

The dollar index, which tracks the greenback against six major peers, was up 0.45 percent at 98.758 in late trading, the highest level in nearly eight months.

In late New York trading, the euro fell to 1.0827 dollars from 1.0927 dollars, and the British pound slipped to 1.2226 dollars from 1.2251 dollars. The Australian dollar decreased to 0.7596 dollars from 0.7629 dollars.

The dollar bought 103.85 Japanese yen, lower than 103.98 yen in the previous session. The dollar inched up to 0.9948 Swiss francs from 0.9930 Swiss francs, and it rose to 1.3337 Canadian dollars from 1.3223 Canadian dollars. Endit