The U.S. dollar clung to a two-and-half-month high on Tuesday on expectations the Federal Reserve will take a measured approach to interest rate cuts, while ...
SINGAPORE - The U.S. dollar clung to a two-and-half-month high on Tuesday on expectations the Federal Reserve will take a measured approach to interest rate cuts, while a close battle in the upcoming U.S. election kept investors on edge.
The diverging views provided a taste of what might be expected at the Fed's upcoming policy meeting on Nov. 6-7. "We think consecutive 25 bp cuts are quite likely in November and December, but we see more uncertainty about the pace next year," Goldman Sachs analysts said in a note. The euro last bought $1.081725, wallowing near its lowest level since Aug. 2, while sterling was at $1.2982, hovering around its lowest level since Aug. 20.With the U.S. election just two weeks away, the rising odds of former President Donald Trump winning the Nov. 5 election are boosting the dollar, since his proposed tariff and tax policies are seen as likely to keep U.S. interest rates high.
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