The dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while...
SINGAPORE - The dollar wobbled on Friday, poised for a fourth straight week of declines as investors weighed U.S. data to gauge the pace of interest rate cuts, while China 's spree of stimulus measures kept risk-sensitive currencies aloft.
The Federal Reserve has recently signalled a shift in focus away from inflation and towards keeping the labour market healthy, delivering a larger-than-usual 50 basis point interest rate cut last week. Investors will keep an eye on the personal consumption expenditures price index due to be released later on Friday, but analysts do not expect the data to materially shift market pricing for U.S. rates unless there is a huge miss.Sterling was a shade lower at $1.33975 but remained close to the 2-1/2 year high it touched this week as risk appetite was boosted by a flurry of stimulus measures from China, such as lowering the amount of cash banks must hold as reserves by 50 basis points.
On Thursday, China's leaders pledged to support the struggling economy through "forceful" interest rate cuts and adjustments to fiscal and monetary policies, stoking expectations for more stimulus. "Holding the meeting in September rather than waiting until the normally scheduled December meeting is in itself a signal that the authorities are willing to take more urgent action to achieve the 5% growth target," they said in a note.
The market rally is in a full power trend, a bullish signal. AI chip plays such as Arm rose despite Super Micro plunging.
Labour Market Stimulus Basis Points Interest Rate
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