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Wednesday, March 29, 2023

The super dollar falls back awaiting the decision of the Federal Reserve

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It is less clear whether the central bank will continue to announce further increases as evidence mounts that both inflation and the economy are losing momentum.

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The dollar index, which compares the US currency against a basket of six major currencies, fell 0.2% to 101.91 points. It also fell on the day before, in part due to a report showing that US labor costs rose in the fourth quarter at their slowest pace in a year.

“Although Fed officials have insisted that rates will stay high for some time, markets simply don’t buy them, especially when several key inflation indicators have shown prices continuing to fall on a steady trajectory,” Michael said. Hewson of CMC Markets UK.

The euro was up 0.3% at $1.0893 while sterling was flat at $1.2320 amid media reports that the UK and the European Union have reached a customs deal. for Northern Ireland after Brexit, which did little to help maintain appetite for the British currency.

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Beyond the Fed meeting, lInvestors will also focus on the ISM manufacturing and job openings data due Wednesday for more information on the state of the US economy and job market.

Source: Ambito

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