PT Solid Gold Berjangka | Dollar Holds Near One-Month Low Ahead of Powell
Indeks Dolar Dolar AS EUR/USD USD/JPY, AUD/USD, PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | In Asian markets, the dollar firmed against the Group of 10 (G-10) currencies as the markets awaited Chairman Powell’s semiannual congressional testimony, which begins on Tuesday.
The Bloomberg Dollar Spot Index was little changed, while U.S. Treasury yields were steady. A series of data releases suggesting a softening U.S. economy pushed U.S. Treasury yields down 0.7% for the month, their lowest level since mid-June.
Chairman Powell is facing pressure from lawmakers who are rushing to cut rates and those unhappy with the Fed’s latest plan to tighten capital controls on Wall Street financial institutions. According to swap data compiled by Bloomberg, the market is expecting two rate cuts this year, with about a 70% chance that the first cut will take place in September.
Carol Kong, a strategist at Commonwealth Bank of Australia, Sydney, said, “With recent signs of growth and a softening labor market, the market will be watching closely to see if Chairman Powell gives any hints about the timing of a rate cut.” If Chairman Powell’s comments are perceived as dovish, the market’s view of a September rate cut could strengthen and the U.S. dollar could fall further.”
USD/JPY rose 0.1% to 160.95.
The BOJ will talk directly with market participants over the next few days to gauge the realistic pace of the reduction in JGB purchases, which will be announced later this month.
AUD/USD was little changed at 0.6740.
Australian consumer pessimism deepened in July, with households concerned about the prospect of further rate hikes after inflation proved tougher than expected.
NZD/USD steady at 0.6125.
NZ Treasury said weak economic indicators point to a contraction in Q2.
EUR/USD little changed at 1.0827.
Source: Bloomberg