
FX Signals; Dollar higher as strong U.S. data backs a hawkish Fed
NEW YORK (Reuters) – The dollar edged higher against the euro on Thursday after data showed the U.S. economy maintained a strong pace of growth in the fourth quarter, backing the case for the U.S. Federal Reserve to maintain its hawkish stance for longer.
Gross domestic product increased at a 2.9% annualised rate last quarter.
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“A somewhat mixed picture painted by the U.S. data,” said Stuart Cole, head macro economist at Equiti Capital in London.
Todays Signals in FX and News 04 02 2022
“I think it reinforces the expectation of the Fed moving to 25 basis points moves now,” Cole said.
The euro was 0.23% lower at $1.08895, but not far from the nine-month high of $1.09295 touched on Monday.
Against the yen, the dollar was up 0.54% at 130.275 yen.
Attention now turns to next week’s central bank meetings, including the Federal Reserve and the European Central Bank.
Traders broadly expect the Fed to increase rates by 25 basis points (bps) next Wednesday, a step down from a 50 bps increase in December.Meanwhile, the ECB has all but committed to raising its key rate by half a percentage point next week.
Dollar reigns as hawkish Fed stands
Sterling was about flat on the day against the U.S. dollar, on pace to log a narrow gain for the week, its third straight weekly rise, even as traders remained concerned about the task facing the Bank of England in controlling inflation without damaging an economy already in recession.
Dollar Edges Higher on Hawkish Fed
The Canadian dollar rose to a two-month high against its U.S. counterpart on Thursday, a day after the Bank of Canada raised interest rates as expected in a move that could mark the end of the central bank’s aggressive tightening campaign.
FX Signals; Dollar higher as strong U.S. data backs a hawkish Fed
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The most traded pairs of currencies in the world are called the Majors.EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, NZD/USD and USD/CAD, Gold, Oil and many many more.
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FX Signals; Dollar higher as strong U.S. data backs a hawkish Fed
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