PT Solid Gold Berjangka | Dollar retains strength after hawish Fed; Yuan struggles with property woes

09:07 25 September in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

The U.S. dollar edged higher, just below the recent six-month high, making a steady start to the new week as traders digested last week’s series of central bank interest rate decisions.

At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 105.262, having hit a six-month high on Friday.

Dollar retains strength after hawkish Fed meeting

The dollar received a boost last week after the U.S. Federal Reserve indicated that rates would be higher for longer, surprising the market with the hawkish nature of its predictions.

This contrasted significantly with its counterparts in Britain and Switzerland, who both halted their rate-hiking cycles, while the Bank of Japan maintained its extremely accommodative monetary policy.

This followed the previous week’s relatively dovish tone by the European Central Bank.

EUR/USD edged lower to 1.0650, just above the six-month low of 1.0615 seen on Friday, and was on track to lose roughly 1.8% for the month, its steepest monthly fall since May.

GBP/USD rose 0.1% to 1.2244, rebounding to a degree after sliding more than 1% last week, with the pound heading for a more than 3% fall in September, its worst monthly performance in a year.

USD/JPY traded largely unchanged at 148.38, not far removed from the pair’s 10-month high seen last week after the Bank of Japan’s dovish meeting.

USD/CNY rose 0.2% to 7.3092, with the Chinese yuan struggling due to renewed concerns over China’s debt-addled property market.


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