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8/18, 4:19 PM (Source: TeleTrader)
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Dollar rises, Fed confirms rates could stay high

The United States dollar increased against the euro and the British pound on Thursday after Federal Reserve Bank of San Francisco President Mary Daly confirmed that US interest rates will not be brought down right after the ongoing rate-hiking process ends.

According to a summary of their meeting in July, American central bankers proposed that, once "a sufficiently restrictive level" of interest rates is reached, they should remain there "for some time to ensure that inflation was firmly on a path back" to the 2% goal the Fed had set.

The euro declined 0.55% to $1.01250 at 10:17 am ET. The British pound lost 0.37%, landing at $1.20042 at the same time.

Baha Breaking News (BBN) / MS