AGL 37.99 Decreased By ▼ -0.03 (-0.08%)
AIRLINK 215.53 Increased By ▲ 18.17 (9.21%)
BOP 9.80 Increased By ▲ 0.26 (2.73%)
CNERGY 6.79 Increased By ▲ 0.88 (14.89%)
DCL 9.17 Increased By ▲ 0.35 (3.97%)
DFML 38.96 Increased By ▲ 3.22 (9.01%)
DGKC 100.25 Increased By ▲ 3.39 (3.5%)
FCCL 36.70 Increased By ▲ 1.45 (4.11%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 14.49 Increased By ▲ 1.32 (10.02%)
HUBC 134.13 Increased By ▲ 6.58 (5.16%)
HUMNL 13.63 Increased By ▲ 0.13 (0.96%)
KEL 5.69 Increased By ▲ 0.37 (6.95%)
KOSM 7.32 Increased By ▲ 0.32 (4.57%)
MLCF 45.87 Increased By ▲ 1.17 (2.62%)
NBP 61.28 Decreased By ▼ -0.14 (-0.23%)
OGDC 232.59 Increased By ▲ 17.92 (8.35%)
PAEL 40.73 Increased By ▲ 1.94 (5%)
PIBTL 8.58 Increased By ▲ 0.33 (4%)
PPL 203.34 Increased By ▲ 10.26 (5.31%)
PRL 40.81 Increased By ▲ 2.15 (5.56%)
PTC 28.31 Increased By ▲ 2.51 (9.73%)
SEARL 108.51 Increased By ▲ 4.91 (4.74%)
TELE 8.74 Increased By ▲ 0.44 (5.3%)
TOMCL 35.83 Increased By ▲ 0.83 (2.37%)
TPLP 13.84 Increased By ▲ 0.54 (4.06%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.84 Increased By ▲ 1.87 (5.67%)
WTL 1.72 Increased By ▲ 0.12 (7.5%)
BR100 12,244 Increased By 517.6 (4.41%)
BR30 38,419 Increased By 2042.6 (5.62%)
KSE100 113,924 Increased By 4411.3 (4.03%)
KSE30 36,044 Increased By 1530.5 (4.43%)

The dollar rose to a one-week high against a basket of major currencies on Wednesday, boosted by hawkish comments from US Federal Reserve officials. The dollar index, which tracks the US currency against six major rivals, rose about 0.5 percent to 96.090, the highest since March 16.
Several members of the US central bank in recent days have suggested the Fed should move to raise rates. Higher rates make US investments more attractive against other currencies and would be expected to support the dollar. The dollar rose against the yen, moving near a one-week high against the Japanese currency and turning positive for the month. It was last up 0.3 percent at 112.69 yen. It also hit one-week highs against the euro and sterling.
The greenback also rose broadly against oil-linked currencies as crude futures fell about 2 percent in morning US trading. The Canadian and Australian dollars, as well as the Norwegian crown and Mexican peso, each fell by around 1 percent. Three-month sterling implied volatility soared as investors prepared for turbulence exactly three months before a referendum on Britain's EU membership. The currency had been the biggest loser among major currencies on Tuesday, with the attacks in Brussels seen boosting the "Brexit" campaign.
"Obviously, we're seeing continued sterling weakness on the back of increased Brexit risks," said Ian Gordon, FX strategist at Bank of America Merrill Lynch in New York. Philadelphia Fed President Patrick Harker said on Tuesday the central bank should consider another hike as early as next month if the US economy continues to improve, and that he would prefer at least three hikes before year-end. Chicago Fed President Charles Evans also said he expects two more rate increases this year, unless economic data comes in a lot stronger than expected or inflation picks up faster than anticipated.
Wednesday's moves pushed the dollar back near its levels prior to the Federal Reserve's March meeting, in which the central bank unveiled a reduced expectation for rate hikes and Chair Janet Yellen warned of threats to the global economy, prompting a dollar selloff.

Copyright Reuters, 2016

Comments

Comments are closed.