{"id":114235,"date":"2021-02-25T01:39:16","date_gmt":"2021-02-25T01:39:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114235"},"modified":"2021-02-25T01:39:16","modified_gmt":"2021-02-25T01:39:16","slug":"dollar-languishes-near-three-year-lows-as-feds-powell-stokes-reflation-bets","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-languishes-near-three-year-lows-as-feds-powell-stokes-reflation-bets\/","title":{"rendered":"Dollar languishes near three-year lows as Fed's Powell stokes reflation bets"},"content":{"rendered":"

TOKYO (Reuters) – The safe-haven U.S. dollar languished near three-year lows versus riskier currencies on Thursday as continued dovish signals from the Federal Reserve stoked reflation bets.<\/p>

FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS\/Lee Jae-Won <\/figcaption>

The greenback sank to a fresh low against the Australian dollar, and held near lows set overnight against its British, Canadian and New Zealand peers.<\/p>\n

Fed Chair Powell reiterated on Wednesday that the central bank wouldn\u2019t adjust policy until the economy is clearly improving, and will look through any near-term spike in inflation. The remarks to the House of Representatives Committee on Financial Services mirrored his testimony before the Senate the day before.<\/p>\n

\u201cPowell made it very clear that the improvement in the economic outlook thus far will not instigate the Fed to tighten monetary policy,\u201d National Australia Bank foreign exchange strategist Rodrigo Cattrill wrote in a client note.<\/p>\n

\u201cThe punch bowl ain\u2019t going anywhere anytime soon and the policy backdrop should remain supportive for risk assets for some time.\u201d<\/p>\n

Easy financial conditions, the promise of fiscal stimulus and an accelerating COVID-19 vaccine rollout have driven money into what\u2019s come to be known as the reflation trade, refering to bets on an upswing in economic activity and prices.<\/p>\n

Commodity-linked currencies are placed to benefit from a pick-up in global trade, while investors have also cheered Britain\u2019s progress in recovering from the coronavirus pandemic.<\/p>\n

Australia\u2019s dollar rose 0.1% to $0.79717 on Thursday in Asia after earlier touching a fresh three-year high of $0.7975.<\/p>\n

The New Zealand and Canadian dollars traded just off Wednesday\u2019s multi-year highs.<\/p>\n

Sterling was little changed at $1.4143 after pushing to the cusp of $1.43 overnight for the first time since April 2018.<\/p>\n

The euro traded near the top of its recent range at $1.2168, near the almost one-month high of $1.2180 touched earlier this week.<\/p>\n

The dollar strengthened though against other traditional safe haven currencies, rising 0.1% to 105.94 yen for a third day of gains. It held near the three-month high of 90.945 Swiss francs reached overnight.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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