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Dollar rises amid U.S. rate outlook |
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09:02, April 30, 2008 |
The dollar rose against most major currencies on Tuesday as the U.S. Federal Reserve is widely expected to cut interest rates moderately this week, then leave them unchanged for the rest of the year to help ward off inflation.
The U.S. currency headed for its largest monthly gain in almost a year as the Fed begins its two-day meeting later on Tuesday. Analysts expect its policy-setting body to cut benchmark borrowing costs by a quarter percentage point to 2 percent and indicate that the rate-cutting cycle is done for now.
The British pound was poised for its biggest monthly decline against the dollar in 2008 as U.K. mortgage approvals fell in March to the lowest level in at least nine years.
The euro was hit as data released on Tuesday showed French consumer confidence fell to its lowest level since 1987 and Deutsche Bank reported its first quarterly loss since 2003.
The euro bought 1.5564 dollars in late New York trading compared with 1.5645 dollars it bought late Monday. The pound fell to 1.9681 dollars from 1.9900 dollars.
The dollar rose to 1.0382 Swiss francs from 1.0353 Swiss francs, and fell to 104.17 Japanese yen from 104.43 Japanese yen. It rose to 1.0122 Canadian dollars from 1.0119 Canadian dollars.
Source: Xinhua
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