SINGAPORE, Nov 3 ― The dollar held within striking distance of the year's peaks on the euro and yen today, as investors looked for the Federal Reserve to begin unwinding pandemic-era policy support faster than central banks in Europe and Japan. Moves were slight in Asia ahead of the Fed's meeting...
SINGAPORE, Nov 3 ― The dollar held within striking distance of the year's peaks on the euro and yen today, as investors looked for the Federal Reserve to begin unwinding pandemic-era policy support faster than central banks in Europe and Japan.
But traders are focused on clues around what that means for timing of rate rises, after a month of seismic moves in the bond market in anticipation of hikes as soon as next year. Currency markets' next moves likely depend on traders' perception of the relative pace of policy tightening and on whether markets can stick with an assumption that the Fed funds rate won't get much higher than 1.75 per cent through the cycle.
So far, the dollar had been held back by rising expectations of even faster hiking elsewhere in the world, but risks lie ahead if traders start to think that more than a few rate rises will be needed to tame fast-rising prices. “I lean towards a 15bps hike at this meeting with a 5-4 vote in favour,” said Luke Suddards, strategist at broker Pepperstone.
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