Commodity News
HeadLine : Dollar firm after Fed comments; yen under close watch
Date : Mar 28 2024
The U.S. dollar received a boost against major currency peers on Thursday, as a Federal Reserve official said he wasn't in a hurry to cut rates amid sticky inflation, and as traders braced for key economic data. Meanwhile, although still not far from the 152 mark, the yen was holding its ground against the greenback after Japan's top monetary officials on Wednesday suggested they were ready to intervene. Speaking during late U.S. trading hours on Wednesday, Federal Reserve Governor Christopher Waller said recent disappointing inflation data affirms the case for the U.S. central bank holding off on cutting its short-term interest rate target. The dollar index , a measure of the greenback against major peer currencies, ticked up in the wake of Waller's comments and last held mostly unchanged at 104.41. It's gained around 3% so far in 2024. Market expectations for the first rate cut to occur at the Fed's June meeting have eased somewhat, currently pricing in a 60% chance compared to 67% around this time last week, according to the CME FedWatch tool. Traders await key U.S. core inflation figures due on Friday, following a bigger-than-expected jump in U.S. durable goods orders on Tuesday that has already boosted the dollar against the yen. A summary of opinions at the Bank of Japan's March meeting released on Thursday showed policymakers were divided on whether the economy was strong enough to handle an exit from ultra-easy monetary policy.

Source: Reuters
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