{"id":141726,"date":"2021-10-14T09:34:51","date_gmt":"2021-10-14T09:34:51","guid":{"rendered":"https:\/\/precoinnews.com\/?p=141726"},"modified":"2021-10-14T09:34:51","modified_gmt":"2021-10-14T09:34:51","slug":"dollar-falls-to-nine-day-low-as-rally-pauses-aussie-and-kiwi-rebound","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/dollar-falls-to-nine-day-low-as-rally-pauses-aussie-and-kiwi-rebound\/","title":{"rendered":"Dollar falls to nine-day low as rally pauses; Aussie and Kiwi rebound"},"content":{"rendered":"<p>LONDON (Reuters) &#8211; The dollar edged down against major peers on Thursday, reaching its lowest level in nine days in a pullback from its recent rally, while the British pound, Australian and New Zealand dollars rose.<\/p><figcaption>FILE PHOTO: U.S. One dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. REUTERS\/Dado Ruvic\/Illustration<\/figcaption><p>Expectations that the U.S. Federal Reserve would tighten monetary policy more quickly than previously expected had seen the dollar rise in September and so far in October. But it eased its recent gains, even after minutes of the Fed\u2019s September meeting confirmed tapering stimulus of is likely to start this year.<\/p>\n<p>\u201cIt seems to be a classic case of buy the rumour sell the fact type mentality,\u201d said Neil Jones, head of FX sales at Mizuho.<\/p>\n<p>\u201cThe Fed confirmed the expectations of many investors, I would suggest, holding long dollar positions.\u201d<\/p>\n<p>\u201cIt\u2019s just been a situation of liquidating dollar longs &#8211; profit-taking of long dollar positions because (Fed tightening) is now somewhat factored into the price.\u201d<\/p>\n<p>At 0726 GMT, the dollar index was down 0.1% on the day at 93.994, its lowest since Oct 5. On Tuesday this week, it had reached a one-year high at 94.563.<\/p>\n<p>The euro was up 0.1% at $1.16105, a nine-day high.<\/p>\n<p>A Labor Department report showed U.S. consumer prices rose solidly in September, and they are likely to rise further amid a surge in energy prices, potentially pressuring the Fed to act sooner to normalise policy.<\/p>\n<p>The Fed\u2019s September meeting minutes also showed that a growing number of policymakers were worried that high inflation could persist.<\/p>\n<p>\u201cMy expectation is that this dollar weakness will not last and we got back into a longer-term bull trend,\u201d Mizuho\u2019s Jones said.<\/p>\n<p>U.S. initial jobless claims and PPI data are due later in the day.<\/p>\n<p>\u201cToday\u2019s US PPI data should be a reminder that the Fed needs to become more vigilant about inflation,\u201d wrote ING strategists in a note to clients.<\/p>\n<p>The Australian dollar, which is seen as a liquid proxy for risk appetite, was up 0.3% versus the dollar at $0.74055. The currency brushed off data showing a drop in jobs numbers, with investors betting on a quick recovery since lockdown measures have eased.<\/p>\n<p>The New Zealand dollar also rose, up 0.5% at $0.7001, its highest in two-and-a-half weeks.<\/p>\n<p>The Swiss franc was up around 0.2% against the euro. Around 0600 GMT, it reached its highest in 11 months versus the euro, a move which Mizuho\u2019s Jones said could be due to a combination of risk-aversion in global markets and more broad-based euro weakness.<\/p>\n<p>Turkey\u2019s lira pared some of its losses, pulling back from the record low it touched overnight after President Tayyip Erdogan dismissed three members of the central bank\u2019s monetary policy committee.<\/p>\n<p>Elsewhere, the cryptocurrency bitcoin was at around $57,570. Earlier in the session it hit a five-month high of $58,550.<\/p>\n<p>A collapse in cryptocurrencies is a \u201cplausible scenario\u201d and rules are needed to regulate the fast-growing sector as a \u201cmatter of urgency\u201d, Bank of England Deputy Governor Jon Cunliffe said on Wednesday.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/global-forex\/forex-dollar-falls-to-nine-day-low-as-rally-pauses-aussie-and-kiwi-rebound-idUSL1N2RA0GM\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (Reuters) &#8211; The dollar edged down<\/p>\n","protected":false},"author":3,"featured_media":141725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dollar falls to nine-day low as rally pauses; 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