Dollar Edges Off One-Month High
FxPremiere.com – FX Signals – The dollar eased lower in early European trade Thursday, retreating from a one-month high as traders digested the previous session’s Federal Reserve meeting and what it means for future monetary policy.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 93.332, slipping from a one-month high of 93.526.
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“The key story is the dot plot for interest rates. The FOMC is now split 9-9 on whether rates will be raised next year,” said analysts at ING, in a note. “Note too that there is only one FOMC member who doesn’t expect a rate rise by the end of 2023, a massive change from just six months ago.”
Additionally, GBP/USD rose 0.2% to 1.3654 with traders positioning for a potential surprise at the Bank of England’s latest policy-setting meeting later in the session.
The BOE has a tricky task with the U.K. economic recovery stalling but inflation accelerating. That said, at least one of the nine members on the MPC is likely to vote for an early end to asset purchases.
USD/TRY rose 0.3% to 8.6693, with the Turkish central bank meeting later Thursday and widely expected to keep the policy rate at 19%.
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The country’s consumer price index climbed to 19.25% last month, climbing above the policy rate for the first time in nearly a year, suggesting Turkey’s central bank governor will keep interest rates at high levels despite pressure from the country’s president, Recep Tayyip Erdogan. Forex Signals – Forex – Euro Eases From Highs
Also, USD/NOK fell 0.4% to 8.6267 and EUR/NOK fell 0.1% to 10.1130, with the Norwegian central bank expected to become the first central bank of a G10 currency to hike interest rates post pandemic. Dollar Down Near One-Month
Dollar Edges Off One-Month High Dollar holds below one-month high
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Dollar Edges Off One-Month High