Dollar rises despite strong signs of rate cut

US dollar rose against most of its major counterparts on Wednesday, despite markets' focus on the Federal Reserve members signals on monetary policy.

New York Federal Reserve Chairman, John Williams, said that the central bank must make decisions to counter signs of the slowing US economic growth.

Markets interpreted the comments as a clear signal that the central bank is moving towards easing its monetary policy by cutting interest rates to support growth.

This came after similar statements from the President of the Central Bank, Jerome Powell, in his testimony before Congress, during which he stressed the existence of pressures and risk factors surrounding the economy.

US President Donald Trump commented on Federal Reserve members' comments yesterday, saying the central bank does not know what to do as there is no inflation to raise interest rates for.

In terms of trade, by 17:53 GMT, dollar index rose by 0.3 percent to 97.1 points, reaching a high of 97.1 points and a low of 96.7 points.