Dollar holds below one-month high
LONDON (Reuters) – Forex Signals / The dollar was steady on Wednesday, with currency markets generally quiet ahead of the U.S. Federal Reserve meeting, where investors will be looking for any sign of response to the jump in U.S. inflation.
The Fed concludes its policy meeting later in the day and will release new economic projections along with a policy statement at 1400 EDT (1800 GMT).
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Forex Signals – Dollar Weakens Ahead of Sterling
At 0712 GMT, the dollar was flat on the day against a basket of currencies, at 90.504. On Tuesday, it hit a one-month high of 90.677, despite mixed U.S. economic data.
The euro was little changed against the dollar, at $1.212.
U.S. retail sales dropped more than expected in May but sales in April were revised sharply up and are way above their pre-pandemic level.
US Dollar Index edges higher
Separate data showed that wholesale price inflation accelerated to 6.6%. Consumer price data last week showed the sharpest rise in more than a dozen years.
Dollar edges down after inflation data
The pound was up 0.2% at $1.4109 after British inflation unexpectedly jumped above the Bank of England’s 2% target in May.
In the oil market, Brent hit the highest since April 2019 due to a mix of post-pandemic demand and restricted production.[O/R]
Japan’s exports rose at the fastest pace since 1980 in May and a key gauge of capital spending grew, helping the world’s third largest economy offset sluggish domestic demand as COVID-19 vaccinations boost business activity in key markets.
The dollar was a touch lower versus the yen, with the pair changing hands at 109.91.
Dollar Up Holds Onto Biggest Gains
The Chinese yuan was little changed versus the dollar, hovering around the key 6.40 level, after China’s industrial output and retail sales data both were below their forecasts.
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Elsewhere, bitcoin was at around $40,158, having climbed above $40,000 earlier in the week following tweets from Tesla (NASDAQ:TSLA) boss Elon Musk, who said that Tesla may resume transactions using the cryptocurrency.
Dollar holds below one-month high
Dollar little changed
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Dollar holds below one-month high
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