Dollar edges higher as Fed leaves room for September rate hike

The dollar strengthened against its rivals Wednesday after Federal Reserve policy makers left the door open for a September interest-rate hike in an updated statement released after the end of their two-day July meeting.

Policy makers modified the statement to say they only need to see “some” further improvement in the labor market before raising the central bank’s benchmark interest rate, which means that the nonfarm payrolls reports for July and August will likely determine whether a rate hike happens in September, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

The statement indicated that the Fed’s rate-setting committee believes inflation will slowly move toward the central bank’s target of just below 2%, though price pressures remain soft.

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