U.S. Dollar Advances After Hawkish Fed Remarks
May 07 2024 - 10:29AM
RTTF2
The U.S. dollar climbed against its major counterparts in the
New York session on Tuesday, as Minneapolis Federal Reserve Bank
President Neel Kashkari remarked that the central bank is expected
to maintain a tighter monetary policy for an extended period.
Recent inflation data raise doubts about whether the
disinflationary process is in fact still underway, Kashkari wrote
in an essay.
The most likely scenario is rates to be held at current levels
for an extended period of time, he said at the Milken Institute
Global Conference.
If inflation begins to cool or there is marked weakening in the
labor market, then Fed would consider a rate cut.
The greenback touched 1.0748 against the euro and 0.9092 against
the franc, setting 4-day highs.
The greenback touched 1.2500 against the pound and 154.69
against the yen, registering 5-day highs.
The greenback touched 1.3739 against the loonie, hitting a 5-day
high.
The greenback recovered to 0.5996 against the kiwi, from an
early low of 0.6025.
The greenback rebounded to 0.6588 against the aussie, from an
early 4-day low of 0.6643. This may be compared to a previous 4-day
high of 0.6586.
The currency is poised to challenge resistance around 1.06
against the euro, 0.92 against the franc, 1.23 against the pound,
158.00 against the yen, 1.40 against the loonie, 0.58 against the
kiwi and 0.62 against the aussie.
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