
US Dollar posts best daily gain in two weeks
FX SIGNALS FXPREMIERE – NEW YORK (Reuters) -The dollar posted its best daily gain in two weeks on Tuesday following a jump in benchmark U.S. Treasury yields, while the yen steadied after initially sliding as the Bank of Japan said it would stick to its ultra-loose monetary policy. Forex Signals – UK Posts Largest Deficit
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The U.S. currency also rose to a one-week high against a basket of currencies.
Investors are focused on next week’s meeting of the U.S. Federal Reserve; The fed funds futures have fully priced in the March tightening and four rate hikes in 2022. Dollar slips after last week’s climb
“The Federal Reserve will have to become more hawkish with their rate statement in January’s meeting following the progress made in the labour market in December and the rise in inflation to a near 40-year high,” Simon Harvey, senior FX market analyst at Monex Europe, said in a research note. Dollar gains as strong run
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“We expect this to provide a floor under the dollar, which has been under pressure over past weeks as the market starts to settle on a more balanced outlook for Fed normalisation.” Dollar posts third straight
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As investors prepared for the possibility of the Fed being more hawkish than expected. The U.S. 10-year yield also hit a two-year peak of 1.856% overnight.
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The euro hit a one-week low of $1.1319 and was last down 0.7% at $1.1325.
YEN SLIPPED
The yen slid against the dollar after the Bank of Japan said it would maintain its ultra-loose monetary policy even as its global counterparts move towards exiting crisis-mode policies.
By afternoon trading, the dollar was flat against the yen at 114.61 yen , having reached as high as 115.06 overnight.
The Australian dollar, meanwhile, fell 0.4% to US$0.7181, while the New Zealand dollar dropped 1.1% to US$0.6768.
US Dollar posts best daily gain in two weeks
US Dollar posts best daily gain in two weeks
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