Dollar wobbles after Fed pushes as news released today from fxpremiere.com
FX SIGNALS | TOKYO (Reuters) – The U.S. dollar was on the defensive on Thursday after the Federal Reserve signalled it was in no hurry to raise interest rates through all of 2023 even as it saw a swift recovery in the world’s largest economy.
The dollar’s index against six major currencies stood at 91.488. It had hit a two-week low of 91.340 after remarks from Fed Chair Jerome Powell dampened speculation the stronger economic outlook could propel the central bank to wind back its stimulus.
“What the Fed said is a very market-friendly outcome. It’s negative for the dollar, good for inflation expectations,” said Chris Weston, the head of research at Pepperstone Markets Ltd, a foreign exchange broker based in Melbourne.
“Ultimately, the market was kind of positioned for something a little bit more hawkish, and maybe the fact that those rate hikes are pushed out to 2023 has been enough to cause some decent dollar selling.”
Against the yen, the dollar slipped 0.2% to as low as 108.620 yen after a Nikkei report said the Bank of Japan (BOJ) is expected to slightly widen an implicit band at which it allows long-term interest rates to move around its 0% target.
A recent Reuters poll showed two thirds of Japanese firms had expected the BOJ to curb rises in long-term interest rates and keep them steady ahead of the central bank’s review this week on how it will make its stimulus policy more sustainable.
“We expect the BoE to gently warn against the shift in market pricing from a rate cut to around 50bps of hikes over the next three years.”
Bitcoin held firm at $58,954.64, having bounced from Tuesday’s one-week low of $53,221.
Currency bid prices at 0415 GMT
Close Previous Session Pct Change YTD Pct Change High Bid Low Bid
Euro/Dollar $1.1957 $1.1980 -0.19% -2.14% +1.1988 +1.1956
Dollar/Yen 108.9700 108.8150 +0.14% +5.50% +109.1200 +108.6600
Euro/Yen 130.28 130.36 -0.06% +2.65% +130.6600 +130.0700
Dollar/Swiss 0.9239 0.9221 +0.13% +4.36% +0.9242 +0.9222
Sterling/Dollar 1.3938 1.3970 -0.25% +2.00% +1.3977 +1.3934
Dollar/Canadian 1.2406 1.2402 +0.04% -2.57% +1.2407 +1.2379
Aussie/Dollar 0.7821 0.7795 +0.35% +1.68% +0.7835 +0.7794
NZ Dollar/Dollar 0.7238 0.7240 +0.03% +0.85% +0.7258 +0.7230
Tokyo Forex market info from BOJ
Dollar wobbles after Fed pushes
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