Your current location is:{Current column} >>Text
Dollar drifts higher; BOE continues raft of central bank meetings this week By
{Current column}61People have watched
Introduction- The U.S. dollar edged higher in thin holiday-affected trade Monday, as traders digested the impact ...
- The icmarkets customer area loginU.S. dollar edged higher in thin holiday-affected trade Monday, as traders digested the impact of last week’s central bank decisions, with a speech by Fed Chair Jerome Powell looming large.
At 02:00 ET (06:00 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 101.935, just above its recent one-month low, although activity is likely to be limited with the U.S. markets closed on Monday for the Juneteenth holiday.
Powell to testify before Congress
The U.S. Federal Reserve led the parade of senior central banks meeting last week to discuss monetary policy, and, as expected, paused its year-long rate-hiking cycle to assess its impact on inflation and the country’s economic outlook.
The also hinted at the likelihood of further rate increases ahead, with consumer prices still double its 2% target, but indicated the importance of upcoming economic data backing up these moves.
With this in mind, data on the U.S. as well as and the will be studied carefully this week, as well as Powell’s two-day before both Congressional chambers.
Beyond Powell, several other Fed officials are also set to talk this week.
Euro near one-month high, yen weak
Elsewhere, fell 0.1% to 1.0935, close to a one-month peak, while fell 0.2% to 141.52, with the yen bouncing off a near seven-month low versus the dollar, having fallen 1% on Friday.
The raised interest rates by 25 basis points on Thursday and left the door open to more hikes, while the rounded off the week by remaining the major central bank outlier, keeping its ultra-easy monetary policy.
Bank of England up next
edged higher to 1.2824, with the release of the data on Wednesday likely to be the main driver of sentiment ahead of Thursday’s meeting.
The BoE is widely expected to raise its main interest rate to 4.75% from 4.5% on Thursday, with the May CPI number expected to confirm that inflation in the U.K. remains more than four times above the central bank’s 2% medium-term target.
"We still think the rate of inflation is going to come down, but it's taking a lot longer than expected," Bank of England Governor Andrew Bailey said last week, after data showed that basic wages in the three months to April were 7.2% higher than a year earlier.
Elsewhere, fell 0.2% to 0.6866, while rose 0.3% to 7.1468, with the yuan retreating as markets priced in a potential cut in the benchmark loan prime rate on Tuesday.
The People’s Bank of China cut two interest rates last week, and is now widely expected to cut its as it attempts to boost its flagging economy.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
Related articles
Wood: Software stocks next to benefit from AI boom after Nvidia By
{Current column}-- Software providers will be the next businesses to benefit from a spike in interest in artificial ...
Read moreUK inflation rose unexpectedly in April.
{Current column}The latest data released by the UK Office for National Statistics (ONS) on Wednesday shows that the ...
Read moreTrump Targets EU Drug Prices and Trade Barriers
{Current column}After the United States and China issued a joint statement promising mutual tariff reductions, U.S. ...
Read more
Popular Articles
- Dollar edges up on credit report, sterling hovers near one
- Kickstart 2024 with good fortune! TMGM's deposit rewards
- The Federal Reserve maintains interest rates, warning of tariff inflation risks.
- China and Trump stress cooperation in their phone conversation.
- Federal Reserve's preferred inflation gauge accelerated in April By
- May Day holiday trading hours change, please take note.
Latest articles
-
Montenegro run
-
U.S. debt surged in Trump's first 100 days, risking a crash by 2025.
-
U.S. Treasury yields fell sharply, boosting rate cut expectations.
-
Trump softens stance after public clash, calls Musk “outstanding,” drawing market attention
-
U.S. stocks are rising after strong reports from Microsoft, Boeing By
-
Brief Overview of the Tongsheng Chain Community