The dollar edged towards its highest level this year against a basket of peers and U.S. share futures dipped on Wednesday ahead of a Federal Reserve policy...
LONDON - The dollar edged towards its highest level this year against a basket of peers and U.S. share futures dipped on Wednesday ahead of a Federal Reserve policy decision, though trading was thin with many European and Asian markets closed.
The latest move higher in the dollar came with after hotter-than-expected first-quarter U.S. employment cost growth on Tuesday, which sent Treasury yields higher and caused markets to further pare bets on Fed rate cuts this year.The Fed is almost certain to hold its benchmark overnight interest rate steady later in the day, but a policy statement issued at 2 p.m.
European bond markets were closed for the May 1 holiday as were most share markets in Europe and those in China, Hong Kong and much of Asia. U.S. S&P500 futures dipped 0.2%. The other focus in currency markets is the Japanese yen. The currency dropped to 160 per dollar on Monday, its lowest since 1990, before strengthening in several sharp bursts to as strong as 154.4 per dollar with traders pointing to likely official intervention.
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