The dollar was steady against a handful of peers on Wednesday, as the market assessed calls for patience from Federal Reserve officials and awaited the...
File photo of United States one dollar bills seen on a light table at the Bureau of Engraving and Printing in WashingtonTOKYO - The dollar was steady against a handful of peers on Wednesday, as the market assessed calls for patience from Federal Reserve officials and awaited the publication of Fed minutes for more insight on the central bank's path.
Investors have been shoring up rate cut bets after a milder inflation reading last week boosted expectations for U.S. rate cuts this year.Following a slew of Fed officials striking a cautious note, markets had about 43 basis points of easing priced in versus last week's high of 52 bps. While markets remain hopeful that U.S. inflation will continue to slow down, PCE data due on May 31 will be a crucial test for confirming those expectations, he added.
Fed Chair Jerome Powell, in his press briefing after the Fed held rates steady at that meeting, ruled out rate hikes.The euro was up 0.04% at $1.0858, with focus on Thursday's data from the European Central Bank negotiated wage tracker and the euro zone Purchasing Managers' Index. Fears of currency intervention by Tokyo still had traders on alert after suspected rounds of intervention earlier this month.During Asian trading, the RBNZ is expected to leave its benchmark cash rate at 5.5%, with focus instead on whether it will change the projected outlook for rates out to next year.The Australian dollar was up 0.05% at $0.6670.Ether last rose 1.32% to $3,795.00, not far from its highest level since mid-March.
Federal Reserve Christopher Waller
Canada Latest News, Canada Headlines
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