Forex – Dollar Edges Higher on Upbeat Fed Remarks

© Reuters. Dollar regains some ground vs. rivals after Fed meeting – The U.S. dollar edged higher against other major currencies on Thursday, as upbeat remarks by the Federal Reserve at the conclusion of its policy meeting on Wednesday continued to lend support.

The greenback found support after the Fed signaled its confidence about inflation and growth in the U.S.

The Fed said that inflation , boosting expectations for further interest rate hikes under incoming central bank head Jerome Powell.

The Fed left rates on Wednesday, in widely expected move. The meeting was current Fed chair Janet Yellen’s last.

The decision came after ADP payrolls processing firm reported that the U.S. private sector created in January, beating expectations for a 186,000 rise.

Market participants were now looking ahead to Friday’s nonfarm payrolls report for further indications on the strength of the economy.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.16% at 89.09 by 02:00 a.m. ET (06:00 GMT).

The euro and the pound were lower, with down 0.10% at 1.2400 and with slipping 0.16% to 1.4168.

The yen and the Swiss franc were also weaker, with up 0.32% at 109.53 and with adding 0.24% to 0.9330.

Elsewhere, declined 0.48% to 0.8017, while edged 0.19% lower to 0.7349.

Earlier Thursday, the Australian Bureau of Statistics reported that building approvals dropped in December, compared to expectations for a 8.0% fall.

Meanwhile, held steady at 1.2320.

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