US dollar gains as Fed comments on more rate hikes lend support

NEW YORK, Aug 7 (Reuters) – The dollar rose against major currencies on Monday, broadly supported by Federal Reserve officials saying additional interest rate hikes are likely given that inflation remains persistently high and the labor market is still tight.

Fed Governor Michele Bowman said on Monday additional interest rate hikes will likely be needed to lower inflation to the U.S. central bank’s 2% target.

Read more here: https://www.reuters.com/markets/currencies/dollar-tentative-us-inflation-data-looms-2023-08-07/