Interest rates

US dollar drops after ECB raises interest rates

New York: The US Dollar (USD) weakened in late trading Thursday local time (Friday morning WIB) amid a strengthening Euro. The euro strengthened after the European Central Bank or the European Central Bank (ECB) raised the main interest rate by 75 basis points.

bring together Xinhua hasFriday, September 9, 2022, Dollar Index, which measures To note Against a basket of six major currencies, it fell 0.12% to 109.7090. At the close of trade in New York, the euro was up at $0.9994 from $0.9985 in the previous session, and the pound was down from $1.1502 to $1.1500 in the previous session. from the previous session.

The Australian dollar fell from $0.6753 to $0.6748. The US Dollar bought 144.01 JPY, lower than 144.13 JPY in the previous session. The US dollar rose from 0.9782 Swiss francs to 0.9716 Swiss francs, and fell to 1.3095 Canadian dollars against 1.3140 Canadian dollars.

Federal Reserve Chairman Jerome Powell reaffirmed his commitment to the political position. flamboyantDuring a discussion hosted by the Cato Institute, Powell said the Fed remains firmly committed to reducing inflation.

On the other hand, the American stock market closed with gains at the end of the session Thursday local time (WIB Friday morning). The gains came after Federal Reserve Chairman Jerome Powell pledged to continue the fight against rising inflation that has strained the economy.

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The Dow Jones Industrial Average rose 193.24 points, or 0.61%, to 31,774.52. The S&P 500 index rose 26.31 points, or 0.66%, to 4,006.18. The Nasdaq Composite Index rose 70.23 points, or 0.60%, to 11,862.13.

Eight of the 11 major S&P 500 sectors finished in the green, with healthcare and financials lagging 1.77% and 1.74%, respectively, the rest. While the communication services sector fell by 0.44%, the group recorded the worst results.