U.S. Dollar Higher after Atlanta Fed Chief’s Comments

The dollar rose on Tuesday as a top U.S. Federal Reserve official voiced support for an interest rate increase in September despite a batch of disappointing data on wages and manufacturing activity.

Atlanta Fed President Dennis Lockhart told the Wall Street Journal said it would take “significant deterioration” in the U.S. economy for him to not support a rate hike in September.

Lockhart is a voter this year on the Federal Open Market Committee, the Fed’s policy-setting group. He has a reputation as a centrist and has sided with Fed Chair Janet Yellen on her policy stance.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.