Dollar edges higher; Fed officials question need for more hikes
Investing.com - The U.S. dollar edged higher Tuesday, supported by its safe-haven status as violence in the Middle East continued, but gains were limited after dovish comments from a couple of Fed officials.
At 03:05 ET , the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 105.925.The Israeli military announced earlier Tuesday that more than 200 targets were struck overnight in Gaza as the country responded to the weekend attacks by the Palestinian group Hamas.
Traders are bracing for a drawn-out conflict, with more than 1,500 lives already having been lost, with Israel likely to launch its first ground offensive in Gaza since 2014.USD/ISR fell 0.2% to 3.9375, with the Israeli shekel steadying just off an almost eight-year low, after the central bank promised $30 billion in foreign exchange selling.
"If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the Fed funds rate," said Dallas Fed president Lorie Logan, while Fed Vice Chair Philip Jefferson said the central bank would need to"proceed carefully" given the recent rise in yields.This is expected to show an annual fall of 5.0%, a deterioration from the previous month’s 2.
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