The dollar is rising in value in today’s trading on hawkish statements from Federal Reserve officials, Trading Economics reports.

The Fed needs to keep raising the benchmark interest rate until it reaches 5-5.25 percent a year, Atlanta Federal Reserve Bank President Rafael Bostic said the day before. Currently, the Fed rate is at 4.5-4.75%.

Bostick does not expect the Fed to lower the rate in 2023. In his view, the 5-5.25% rate range should be held for much of 2024. The head of the Federal Reserve Bank of Atlanta said that, despite the signals of reduced price pressures in the country, the time has not yet come for the U.S. Central Bank to change course.

Meanwhile, Minneapolis Fed President Neel Kashkari said he has not yet decided on how significant the Fed rate hike should be in March — by 25 or 50 basis points.

The euro fell 0.27% to $1.0639 against $1.0668 last session against the dollar. The dollar rose against Japanese currency by 0.37% to 136.69 yen against 136.19 yen at the end of the previous trading day. The value of the single European currency rose by 0.08% against the yen — to 145.43 yen against 145.31 yen on Wednesday.

The pound declined against the dollar by 0.35% to $1.1987 from $1.2029 on the previous trading day. The euro rose 0.07% to £0.8875 from £0.8869 a day earlier.

The DXY index, which shows the value of the U.S. dollar against six major world currencies, is up 0.2%. The WSJ Dollar indicator, which tracks the dollar’s movement against 16 currencies, is up 0.35%.

Earlier we reported that the current dollar exchange rate does not change much in pairs with the major world currencies.