US Dollar Index finds footing
SYDNEY (Reuters) – FX Signals – The dollar clung to a late week bounce on Monday as investors braced for January’s U.S. Federal Reserve meeting and raised bets it will chart a year ahead containing several rate hikes, while China cut borrowing costs to support a stuttering economy.
DAILY FOREX SIGNALS
A Bank of Japan meeting which concludes on Tuesday, British inflation data on Wednesday and Australian jobs figures on Thursday are also in view as traders gauge the global policy outlook.
FX SIGNALS
“Friday’s move suggests to me that the interest rate driver for dollar strength is not dead and buried,” said National Australia Bank (OTC:NABZY)’s head of foreign exchange strategy Ray Attrill.
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He said it may not necessarily return to drive new dollar highs, but reckoned traders were on guard. “We’ve had a hawkish twist out of every Fed meeting since June last year,” he said.
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Forex Signals Dollar finds footing
Last week, J.P. Morgan CEO Jamie Dimon remarked that there could be “six or seven” hikes this year and billionaire hedge fund manager Bill Ackman floated on Twitter (NYSE:TWTR) over the weekend the possibility of an initial 50 basis point hike to tame inflation.
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“Interest rate markets are currently pricing an 80% + chance of a 25 bp rate hike by the Bank of England on 3 February,” said Commonwealth Bank of Australia (OTC:CMWAY) strategist Joe Capurso.
“A quicker pace of inflation could see pricing move closer to 100%.”
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US Dollar Index finds footing
FX Signals
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US Dollar Index finds footing
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