The U.S. dollar rose against most major currencies on Wednesday on lower oil prices and the stronger-than-expected profit report from a major bank.
Wells Fargo, the fifth-largest U.S. bank reported its profit dropped 23 percent in the second quarter as more customers failed to pay back their loans. It was much better than a 53 percent drop analysts predicted earlier.
Revenue of the quarter rose 16 percent. The bank decided to raise its quarterly stock dividend to 34 cents from 31 cents. Easing investor fears about mortgage losses and the stability of U.S. financial sector, the report lifted U.S. stocks and the dollar on Wednesday.
The dollar was also bolstered as oil prices settled sharply lower for the second time in a row Wednesday. Light, sweet crude for August delivery fell more than 10 dollars in just two days on the New York Mercantile Exchange.
The euro bought 1.5810 dollars in late New York trading compared with 1.5878 dollars it bought late Tuesday. The British pound fell to 1.9992 dollars from 2.0020 dollars.
The dollar rose to 1.0179 Swiss francs from 1.0134 Swiss francs, and fell to 104.93 Japanese yen from 105.07 Japanese yen. It fell to 1.0019 Canadian dollars from 1.0026 Canadian dollars.
Source: Xinhua
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