The dollar edged lower on Wednesday but hovered close to a two week high ahead of an expected U.S. Federal Reserve interest rate rise later in the day, with investors focused on Fed Chair Jerome Powell's upcoming comments.
on Thursday. Again, a quarter point hike is widely expected, but building evidence of an economic slowdown has called into question the chances of another by year-end."If the ECB retain their hawkish bias, by no means guaranteed but more likely than the FOMC, euro is likely to track higher this week," said Joseph Capurso, a strategist at Commonwealth Bank of Australia.
The dollar was down 0.44% at 140.35 yen , following a rebound from a multi-week low of 137.245 mid-month.suggested the Reserve Bank of Australia would forgo a rate hike on Aug. 1. "Just when it looked safe to get back in the water with Aussie longs on the China sentiment rebound, the downside surprise on inflation casts fresh doubt on the extent of further RBA tightening needed," said Sean Callow, a strategist at Westpac, predicting the currency could drop below $0.67 near term.
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