Investing.com – The U.S. dollar was up against almost all of its major rivals on Tuesday, after remarks by a senior Federal Reserve official sparked speculation the bank is laying the groundwork to tighten monetary policy.
During early U.S. trade, the greenback was slightly higher against the euro, with EUR/USD dipping 0.05% to hit 1.4079.
Earlier in the day, St. Louis Federal Reserve President James Bullard said the Fed’s USD600 billion asset purchase program could be trimmed by some USD100 billion and warned that waiting too long to tighten policy may produce "a lot of inflation" in the U.S. and around the world.
The greenback was also higher against the pound, with GBP/USD slipping 0.07% to hit 1.5980.
Earlier Tuesday, official data showed that while the U.K. economy shrank less-than-expected in the fourth quarter, the new figure was still the biggest decline since the second quarter of 2009.
In addition, the greenback was higher against the yen and the Swiss franc with USD/JPY surging 0.85% to hit 82.39 and USD/CHF climbing 0.43% to hit 0.9209.
Elsewhere, the greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD slipping 0.21% to hit 0.9758, AUD/USD rising 0.16% to hit 1.0260 and NZD/USD climbing 0.52% to hit 0.7551.
Earlier in the day, government data showed that New Zealand’s trade balance swung to a surplus of NZD194 million in February, from a deficit in January.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.13%.
Also Tuesday, a U.S. report showed earlier that the S&P/Case-Shiller house price index fell for the seventh consecutive month in January, while a separate report showed that U.S. consumer confidence fell more-than-expected in March.
During early U.S. trade, the greenback was slightly higher against the euro, with EUR/USD dipping 0.05% to hit 1.4079.
Earlier in the day, St. Louis Federal Reserve President James Bullard said the Fed’s USD600 billion asset purchase program could be trimmed by some USD100 billion and warned that waiting too long to tighten policy may produce "a lot of inflation" in the U.S. and around the world.
The greenback was also higher against the pound, with GBP/USD slipping 0.07% to hit 1.5980.
Earlier Tuesday, official data showed that while the U.K. economy shrank less-than-expected in the fourth quarter, the new figure was still the biggest decline since the second quarter of 2009.
In addition, the greenback was higher against the yen and the Swiss franc with USD/JPY surging 0.85% to hit 82.39 and USD/CHF climbing 0.43% to hit 0.9209.
Elsewhere, the greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD slipping 0.21% to hit 0.9758, AUD/USD rising 0.16% to hit 1.0260 and NZD/USD climbing 0.52% to hit 0.7551.
Earlier in the day, government data showed that New Zealand’s trade balance swung to a surplus of NZD194 million in February, from a deficit in January.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.13%.
Also Tuesday, a U.S. report showed earlier that the S&P/Case-Shiller house price index fell for the seventh consecutive month in January, while a separate report showed that U.S. consumer confidence fell more-than-expected in March.