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The Dollar is rising towards a 16-month high after the US Central Bank hinted
The dollar rose to a 16-month high on Friday after the Federal Reserve kept interest rates steady and reaffirmed its stance on tightening monetary policy, hinting to investors that interest rates would rise in December.
The US currency fell sharply after the results of the US midterm elections on Tuesday, on expectations that the election result makes further fiscal stimulus actions unlikely.
But the dollar rose again and outperformed most of the major currencies today, supported by the strength of the US economy and increased interest rates.
The Federal Reserve is widely expected to raise interest rates in December, the fourth increase this year.
The rebound in the dollar, which has been buoyed by trade tensions as a safe haven currency, has pushed the yuan to around 7 yuan to the dollar and moved the euro towards $ 1.13.
In Japan, where interest rates are expected to remain at very low levels, the yen approached a five-week low against the dollar and fell 2.2 percent over the past 10 sessions.
But the Japanese currency reversed course on Friday, rising 0.2 percent to 111.86 yen per dollar.
The dollar index, which tracks the performance of the greenback against a basket of six major counterparts, rose to a one-week high of 96.89, near the 16-month high of 97.2 hit on October 31.
The euro was trading at $ 1.1343, losing 0.2 percent after falling sharply on Thursday.
Sterling hit 1.3015 dollars in trading, down 0.4 percent.
The Australian dollar was down 0.2 percent at $ 0.7241. The Australian dollar usually stumbles as sentiment weakens against China, Australia's largest trading partner.
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