NEW YORK, March 9 — The dollar traded modestly weaker against most major peers yesterday, and was on pace for its worst weekly showing against the euro this year after mixed...
NEW YORK, March 9 — The dollar traded modestly weaker against most major peers yesterday, and was on pace for its worst weekly showing against the euro this year after mixed data kept an anticipated June interest rate cut from the Federal Reserve on the table.
“Today’s report should provide some optimism that, even if the scale of loosening will not be as strong as considered at the turn of the year, things are still moving in the right direction to allow the Fed to cut this year,” he said.Advertisement The euro got a lift this week as the dollar came under pressure after Federal Reserve Chair Jerome Powell sounded more confident about cutting interest rates in coming months.
Meanwhile, the yen rose to a five-week high against the dollar, aided by reports the Bank of Japan is warming to the idea of raising interest rates and considering a new quantitative monetary policy framework. “In the short term, a powerful downtrend seems to be building for USD/JPY, and we believe that this pair could test 145.00,” she added.
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