PT Solid Gold Berjangka | Dollar holds fast ahead of Fed decision, sterling falls on cool UK inflation

10:00 20 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

The dollar remained firm on Wednesday ahead of a much-anticipated rate decision by the Federal Reserve later in the day, while sterling slid on increased bets the Bank of England (BoE) will pause its historic run of interest rate hikes.

The U.S. dollar index, which measures the currency against a basket of rivals, stood firm at 105.10 with traders awaiting the Fed’s rate decision.

The pound was volatile, last down 0.26% to $1.2360 after touching its lowest in almost four months following data showing UK inflation slowed more than expected in August.

British annual consumer price inflation (CPI) unexpectedly fell to 6.7% in August, official data showed on Wednesday, a day before the BoE is expected to raise rates again.

Economists polled by Reuters had forecast CPI would rise to 7.0% from July’s 6.8%.

Attention stayed fixed on the yen as U.S. and Japanese authorities heaped on fresh comments about the possibility of intervention.

The yen fell 0.2% to a fresh 10-month trough against the dollar of 148.17 ahead of the Fed decision.

The offshore yuan was largely unchanged after China met market expectations by keeping its benchmark lending rates unchanged on Wednesday. It ticked down 0.1% to 7.3110 per dollar.

The euro rose 0.1% at $1.0692.

Source: Reuters

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