The US dollar soared on dashed hopes of early interest rate cut
The greenback inched up on Thursday following Fed’s retreat from cutting the interest rate soon, while BOE indicated it would require more proof of declining inflation before easing, which pushed the pound to decline.
The dollar index that gauges the greenback versus its major pairs rose a bit at 103.63.
It maintained its position near of 103.82 peak hit on Monday and Tuesday of the earlier week, not touched since the 13th of December.
The greenback was boosted by US economic figures indicating that Fed may postpone lowering interest rates for longer.
The yen and Swiss franc remained stable, while euro dropped to a seven-week low as dealers digested market anxiety over U.S.
After reiterating that policy will need to be "restrictive for sufficiently long," the BOE pushed the sterling pound to pare its previous losses which caused it to wrap up the day dipping by 0.1% versus the dollar at $1.2670.
