U.S. dollar rises on rate hike comments

NEW YORK, Jan. 8 (Xinhua) -- The U.S. dollar climbed against most other major currencies on Monday, as Federal Reserve officials suggested that at least three interest rate hikes are on the table in 2018.

San Francisco Federal Reserve Bank President John Williams on Saturday called for three rate hikes this year, arguing that the already solid economy will get a boost from the Republican tax reform, according to Market Watch Monday.

Meanwhile, Fed of Cleveland President Loretta Mester said Friday that the strong U.S. economy and low unemployment level make the case for four rate hikes in 2018.

Higher interest rates usually lead to a stronger U.S. dollar as it becomes more attractive to invest in the U.S. and therefore sparks demand for the greenback.

There is no major economic data due Monday.

The dollar index, which measures the greenback against six major peers, increased 0.44 percent at 92.355 in late trading.

In late New York trading, the euro fell to 1.1965 dollars from 1.2050 dollars in the previous session, and the British pound lost to 1.3565 dollars from 1.3571 U.S. dollars in the previous session. The Australian dollar dipped to 0.7841 dollar from 0.7868 dollar.

The U.S. dollar bought 113.08 Japanese yen, lower than 113.14 yen of the previous session. The U.S. dollar rose to 0.9775 Swiss franc from 0.9755 Swiss francs, and it moved up to 1.2423 Canadian dollars from 1.2406 Canadian dollars. Enditem