US dollar rises as traders await Fed chair speech

NEW YORK, Nov 30 (Bernama) -- The US dollar climbed in late trading on Tuesday as market participants assessed the Federal Reserve's monetary policy path, reported Xinhua.

The dollar index, which measures the greenback against six major peers, rose 0.13 per cent to 106.8220.

In late New York trading, the euro was down to US$1.0331 from US$1.0342 in the previous session, and the British pound increased to US$1.1950 from US$1.1949 in the previous session.

The US dollar bought 138.65 Japanese yen, lower than 138.88 Japanese yen of the previous session.

The US dollar was up to 0.9537 Swiss francs from 0.9492 Swiss francs, and it increased to 1.3585 Canadian dollars from 1.3490 Canadian dollars. The US dollar rose to 10.5868 Swedish Kronor from 10.5551 Swedish Kronor.

Fed Chair Jerome Powell is set to speak on the outlook for the US economy, inflation, and the labour market at a Brookings Institution event on Wednesday.

New York Fed President John Williams on Monday said interest rates need to rise further and stay high through next year.

In Chicago, gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the Federal Reserve is expected to slow its pace of interest rate hikes.

The most active gold contract for February delivery rose US$8.4, or 0.48 per cent, to close at US$1,763.7 per ounce.

Silver for March delivery rose 31.1 cents, or 1.47 per cent, to close at US$21.436 per ounce. Platinum for January delivery rose 9.3 dollars, or 0.93 per cent, to close at US$1,008.60 per ounce.

--BERNAMA