Dollar climbs as Fed flags hikes

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SINGAPORE : The dollar hit multi-week highs against other major currencies on Thursday, bolstered after Federal Reserve chair Jerome Powell primed investors for U.S. rate hikes beginning in March.Overnight the Fed left its policy rate unchanged but Powell foreshadowed a sustained battle to tame inflation.

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SINGAPORE : The dollar hit multi-week highs against other major currencies on Thursday, bolstered after Federal Reserve chair Jerome Powell primed investors for U.S. rate hikes beginning in March.

He told reporters there was"quite a bit of room to raise interest rates without threatening the labour market" and said the Fed was of a mind to begin lifting rates in March. The yen inched a fraction lower to 114.74 per dollar on Thursday. The euro was sold to a six-week low of $1.2301 and the Australian dollar fell about 0.4per cent to a seven-week trough of $0.7076. [AUD/]

The New Zealand dollar headed for a sixth consecutive session of selling and touched an almost 15-month low of $0.6626, despite data showing inflation there running at a three-decade high.

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