U.S. dollar inches up amid Fed's positive signals

The U.S. dollar rose fractionally on Friday, as investors digested the latest speech by the U.S. Federal Reserve chair, which sent upbeat signals that the Fed would continue to take actions to prop up economic growth. 

The dollar index, which measures the greenback against six major peers, increased 0.0035 percent at 98.4095 in late trading. 

In late New York trading, the euro was down to 1.1028 dollars from 1.1036 dollars in the previous session, and the British pound was down to 1.2292 dollars from 1.2323 U.S. dollars in the previous session. The Australian dollar increased to 0.6847 dollar from 0.6816 dollar.

The U.S. dollar bought 106.89 Japanese yen, lower than 106.95 Japanese yen of the previous session. The U.S. dollar was up to 0.9880 Swiss franc from 0.9868 Swiss franc, and it fell to 1.3174 Canadian dollars from 1.3234 Canadian dollars. 

Fed Chairman Jerome Powell said Friday that the U.S. central bank will continue to act "as appropriate" to sustain the U.S. economic expansion, which fueled hopes for further rate cuts. 

"Our obligation is to use our tools to support the economy, and that's what we'll continue to do," Powell said at the University of Zurich. "We are clearly at a time where there is a range of views."

(Cover: Fed Chairman Jerome Powell. /VCG Photo)

Source(s): Xinhua News Agency