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The super dollar fell while waiting for the inflation data and the Fed rate hike

The super dollar fell while waiting for the inflation data and the Fed rate hike

The dollar index – which measures the performance of the greenback against six rivals, including the euro, the pound sterling and the yen – fell slightly to 111.49 units.

“There is some optimism that there could be a change in language after the FOMC (Federal Open Market Committee) meeting this week that would suggest a slowdown for the next meeting”said Iván Asensio, head of foreign exchange risk advisory at Silicon Valley Bank in San Francisco.

In the UK, the Bank of England is also expected to raise interest rates by 75 basis points on Thursday, before slowing its rate hike to 50 basis points in December.

Sterling rose 0.1% to $1.1479, after falling more than 1% on Monday. The euro fell to $0.9878.

Investors were optimistic about speeches and interviews from some Fed officials who suggested the central bank could make smaller hikes after Wednesday’s meeting. In afternoon trading, the dollar fell 0.4% to 148.20 yen.

The Chinese yuan hit a 15-year low against the dollar on Tuesday before paring losses.after the central bank fixed the official exchange rate at 7.2 per dollar for the first time since 2008. The dollar fell 0.5% against the yuan abroad to 7.3033 units.

Source: Ambito

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