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Wednesday, November 30, 2022

The super dollar falls after definitions of the Fed on the rate hike

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“The Fed will be happy to move rates by 50 basis points in December and by 25 basis points from the first meeting next year”said Niels Christensen, chief analyst at Nordea, noting that the entity will still feel it needs to do more to bring down inflation.

The dollar index, which compares the greenback to a basket of six major currencies, was trading barely changed at 105.93, after falling 1.1% on Wednesday.

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The euro was up 0.2% at $1.0415, while sterling was up 0.3% at $1.2086.

The British currency gained 1.4% on Wednesday, after preliminary data from British economic activity beat expectations, but still showed a contraction was underway.

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In China, rising coronavirus cases prompted cities across the country to impose more restrictions, raising investor concerns about the economy and curbing risk appetite.

The yen was one of the currencies that appreciated the most against the dollar, with an improvement of 0.6%, to 138.77 units.

Source: Ambito

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