NEW YORK, July 26 — The US dollar advanced yesterday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts,...
The greenback was set for its biggest weekly drop in a month, ahead of more tariff dialogue and central bank meetings next week, while sterling dipped after softer-than-expected British retail sales data. — Reuters picand flexible withdrawals.
The greenback was set for its biggest weekly drop in a month, ahead of more tariff dialogue and central bank meetings next week, while sterling dipped after softer-than-expected British retail sales data. Politics is a factor for both central banks, most dramatically in the US, where President Donald Trump once again pressed for lower interest rates on Thursday as he locked horns with Fed Chair Jerome Powell.
“The market relief was based on the fact that Trump refrained from calling for Powell to go, although that was based on Trump’s view that Powell would ‘do the right thing’,” said Derek Halpenny, head of EMEA research at MUFG. The yen was softer, thanks in part to below-expectations Tokyo inflation data, with the dollar last up 0.4 per cent at 147.59 yen, though on course for a weekly 0.9 per cent fall, the lowest since June 23.
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