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☆ Dollar holds on to 7-week highs as traders consider U.S. rates outlook
▼ + stars: | 2024-10-08 | by ( ) www.cnbc.com time to read: +3 min

The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment. Traders have drastically shifted their monetary easing expectations from the Federal Reserve this year. That has kept the dollar on the front foot and surging to a multi-week high against the euro, sterling and the yen. The New Zealand dollar was 0.3% higher at $0.6144 ahead of the monetary policy decision on Wednesday. A majority of economists in a Reuters poll last week said the Reserve Bank of New Zealand will cut interest rate by 50 basis points.

Persons: Kieran Williams, Louis, Alberto Musalem, Shigeru Ishiba Organizations: Federal Reserve, Asia FX, InTouch, Reserve Bank of St, Treasury, Bank of, New Zealand, Reserve Bank of New Locations: Middle East, Asia, China, Bank of Japan, Reserve Bank of New Zealand

☆ Currency market steadies ahead of U.S. inflation test, Fed decision
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +3 min

Economists polled by Reuters expect headline consumer price inflation to ease to 0.1% from 0.3% last month, and core price inflation to remain steady on the month at 0.3%. Powell is likely to strike a relatively dovish tone at the press conference, however, given disappointing growth indicators since the last Fed meeting, Williams said. Japanese wholesale prices rose 2.4% in the year to May, Bank of Japan data showed on Wednesday, beating market forecasts for a 2% increase. The yen held steady at 157.16 per greenback after slipping to its lowest since June 3 at 157.40 the previous day. While Japan's central bank will likely discuss bond buying cuts to pre-empt yen selling pressure, dollar/volatility this week largely depend on Wednesday's U.S. CPI and Fed meeting, he added.

Persons: Jerome Powell's, Kieran Williams, Powell, Williams, Emmanuel Macron's, Sterling, Wei Liang Chang, bitcoin Organizations: U.S, Consumer, Fed, Reuters, Asia FX, InTouch, Bank of Japan, Bank of, DBS, CPI Locations: Czech, U.S, Asia, Bank of Japan

☆ Dollar steady, yen fragile after Fed comments dash rate cut bets
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: +4 min

The comments follow a slew of data in recent weeks that highlight the strength of U.S. economy along with persistent inflation. Against a basket of currencies, the dollar was last at 106.33, just below the five month peak of 106.51 touched on Tuesday. I'm watching dollar strength and U.S. real yields very closely." On Wednesday, the yen was last at 154.65 per dollar, having touched the 34-year low of 154.79 in the previous session. The Australian dollar rose 0.12% to $0.641, while the New Zealand dollar rose 0.22 to $0.589.

Persons: Jerome Powell, Powell, Powell's, " Powell, Ben Bennett, Kieran Williams, InTouch Capital's Williams Organizations: Federal Reserve, U.S, Traders, Investment Management, Asia FX, InTouch, CPI, New Zealand Locations: Washington, Asia, JPY, Japan

☆ Dollar steady as traders weigh economic data, yen fragile
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +4 min

The dollar was steady on Friday, on track for its fifth straight weekly gain, as investors take stock of economic data and firm expectations of the Federal Reserve cutting rates in June, while the yen traded at the psychologically key 150 per dollar level. But overall market expectations on the timing of the first Fed cut and magnitude of the cut will continue to drive volatility in FX markets." "We will likely soon contemplate the appropriate time for monetary policy to become less restrictive," Bostic said. Investor focus has been on comments from policymakers, with Federal Reserve Chair Jerome Powell due to give the Senate banking committee its biannual monetary policy update on March 7. The Australian dollar eased 0.20% to $0.651, while the New Zealand dollar is down 0.21% to $0.609.

Persons: Christopher Wong, Raphael Bostic, Bostic, Jerome Powell, pare, Kieran Williams, bitcoin Organizations: Federal Reserve, PPI, Federal Reserve Bank of Atlanta, Federal, Asia FX, InTouch, Markets, New Zealand Locations: Buenos Aires, Argentina, Singapore, U.S, Japan, Asia, Germany

☆ Dollar treads water ahead of U.S. GDP; ECB meeting in spotlight
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +4 min

Traders have been consolidating positions ahead of the Federal Reserve's policy meeting next week. The report is, however, likely to show that the U.S. avoided a recession in 2023 and is expected to show moderating inflation in the last quarter, stoking expectations of rate cuts sometime in the first half of 2024. Other U.S. data this week includes the Fed's favourite gauge of inflation - the personal consumption expenditure (PCE) data - on Friday. The move from the central bank comes after a Bloomberg report earlier this week of a rescue package worth $278 billion to help stabilise the battered stock markets. The Australian dollar and the New Zealand dollar struggled to sustain a China-inspired rally earlier this week.

Persons: Kieran Williams, Jerome Powell, Kazuo Ueda Organizations: Central Bank, Traders, U.S, Asia FX, InTouch, ECB, Wednesday, Bloomberg, Australian, New Zealand, Aussie, Bank of, Bank of Japan Locations: Asia, U.S, China

☆ Possible there will be no rate cuts this year, European Central Bank member says
▼ + stars: | 2024-01-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The European Central Bank may defy market expectations and hold off on starting interest rate cuts during the whole of 2024, the institution's Governing Council member Robert Holzmann said Monday. Asked about those who call for the first rate cut to take place as soon as April, Austria's central bank governor told CNBC, "I'm afraid, leaving Davos, those people will be deeply disappointed." Speaking to CNBC's Steve Sedgwick at the World Economic Forum in Davos, Switzerland, he added, "I cannot imagine that we'll talk about cuts yet, because we should not talk about it. "Unless we see a clear decline towards 2%, we won't be able to make any announcement at all when we're going to cut," Holzmann said. Correction: This story has been updated to reflect the name of CNBC anchor Steve Sedgwick.

Persons: Robert Holzmann, Steve Sedgwick, Holzmann, Yemen's Organizations: European Central Bank, CNBC, Economic, InTouch Capital Locations: Austria's, Davos, Switzerland, Israel

The central bank said inflation will come under further pressure. Erdogan said last week he approved the steps Simsek would take with the central bank, suggesting he had given the green light to rate hikes. The central bank's key rate remains below deposit rates that reach up to 40% and real rates are still deeply negative. The central bank's net reserves fell to a record low of negative $5.7 billion last month. Authorities hope foreign investors and hard currency will return after a years-long exodus, potentially reducing the central bank's need to intervene to keep the lira stable.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erkan, Erdogan, Mehmet Simsek, Piotr Matys, Ezgi Erkoyun, Ali Kucukgocmen, Christina Fincher, Daren Butler Organizations: Reuters Graphics, Wall Street, InTouch, Reuters, Thomson Locations: ISTANBUL, Ankara

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