Dollar Edges Higher; Central Bank Meetings in Focus

FxPremiere.com – The US dollar index edged higher Tuesday, but remained near recent lows after last week’s frail jobs report, while attention turns to a number of central bank meetings during the week.

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At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.2% to 92.215, rebounding a touch after falling to a one-month low of 91.941 on Friday.

USD/JPY rose 0.1% to 109.92, EUR/USD fell 0.1% to 1.1865, just off last week’s high of 1.1909, while GBP/USD dropped 0.1% to 1.3824, after British house price growth slowed to 7.1% in August from 7.6% in July, the weakest reading in five months, according to mortgage lender Halifax. Prices still rose a surprisingly strong 0.7% on the month.

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Monday’s U.S. holiday limited activity in the foreign exchange markets, after the latest U.S. jobs report disappointed, suggesting the U.S. Federal Reserve is likely to delay any dialing down of monetary stimulus until November at least.

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The central bank said earlier Tuesday that it will purchase government bonds at a pace of A$4 billion ($3 billion) a week, down from A$5 billion previously. However, it will do this until at least mid-February, after originally planning to review the program in mid-November.

Next is the Bank of Canada, which will make its policy decisions on Wednesday. The Canadian dollar remains near its highest level in about three weeks, supported by belief that it will be reluctant to put off tightening policy despite the wave of Delta-variant Covid-19.

Poland’s central bank is also due to meet on Wednesday, amid rising expectations for interest-rate increases. Inflation recently hit 5%, equaling its highest level in two decades.

Finally, on Friday, Russia’s central bank meets just a couple of weeks after annual inflation hit a five-year high. It raised its benchmark policy rate by 100 bps to 6.5% at its July meeting, and is expected to hike again.

Dollar Edges Higher; Central Bank Meetings in Focus

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Dollar Edges Lower Ahead

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