WASHINGTON (dpa-AFX) - The U.S. dollar firmed against its major peers on Friday as treasury yields rose after Federal Reserve Chair Jerome Powell said he saw merit in 'front-end loading' policy moves and indicated a 50 basis point rate hike would be on the table at the central bank's next meeting in early May.
Speaking at an IMF panel discussion, Powell signaled that two or more half-point hikes would be appropriate at upcoming meetings to tame inflation.
Investors now expect a half-point move in May and a 75 basis point hike in June.
The dollar index rose to 101.33, hitting a 25-month high in the process, before easing slightly to 101.13, still up with an impressive gain of 0.55%.
Against the Euro, the dollar is firm at $1.0802, gaining from $1.0835.
The dollar is trading at $1.2835 against Pound Sterling, strengthening from $1.3029.
Against the Japanese currency, the dollar is up marginally, fetching 128.50 yen, compared with 128.39 yen on Thursday.
The dollar is trading at 0.7244 against the Aussie, firming from 0.7370.
The Swiss franc is trading weak against the dollar at CHF 0.9565, easing from CHF 0.9536.
The Loonie is down sharply against the dollar at C$ 1.2714 as against Thursday's close of C$ 1.2582.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
