LONDON, Jan 27 — The dollar climbed to multi-week highs against other major currencies today, bolstered by the prospects for faster and larger interest rate hikes in the months ahead.
The Fed concluded a two-day meeting yesterday and Fed chief Jerome Powell said the central bank was in a mind to begin hiking in March to tame inflation. US gross domestic product figures later on Thursday are expected to show annual growth at its strongest since 1984. Sterling fell to a one-month low at US$1.3407 and was last down 0.4 per cent on the day. Britain’s pound is delicately balanced as traders keep a wary eye on Prime Minister Boris Johnson, who is under pressure after attending parties during lockdowns, and on next week’s Bank of England meeting.
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