{"id":143353,"date":"2021-11-01T10:28:38","date_gmt":"2021-11-01T10:28:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143353"},"modified":"2021-11-01T10:28:38","modified_gmt":"2021-11-01T10:28:38","slug":"dollar-cements-gains-in-big-week-for-central-banks","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/dollar-cements-gains-in-big-week-for-central-banks\/","title":{"rendered":"Dollar cements gains in big week for central banks"},"content":{"rendered":"
FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS\/Rick Wilking<\/figcaption>

LONDON (Reuters) – The dollar consolidated gains against its rivals on Monday, after posting its biggest daily rise in more than four months as hedge funds cut back bearish bets ahead of a U.S. Federal Reserve policy meeting this week.<\/p>\n

Monetary policy in the United States, Australia and the United Kingdom is in sharp focus this week, with the Federal Reserve widely expected to announce a tapering of stimulus, a factor that has lifted the greenback in recent weeks.<\/p>\n

But quickening inflation data has prompted some investment banks like Goldman Sachs to advance their expectations of a rate hike by the Fed as early as July 2022, compared to the third quarter of 2023 previously.<\/p>\n

The dollar index, which measures the U.S. currency against six rivals, was little changed at 94.161, hovering close to Friday\u2019s peak of 94.302, a level not seen since Oct. 13.<\/p>\n

It jumped 0.8% on Friday, its biggest single-day spike since mid-June after a 4.4% surge in the government\u2019s index of core personal consumption expenditures – the Fed\u2019s preferred inflation measure – solidified market expectations for a rates lift-off around the middle of next year.<\/p>\n

Money markets now assign a 50% probability of a 25 basis point rate hike by the Fed by next June, compared to only 15% a month earlier, according to CME futures data.<\/p>\n

The Reserve Bank of Australia will also decide policy on Tuesday, with markets challenging the central bank\u2019s contention that rates won\u2019t rise until 2024.<\/p>\n

The Aussie dollar slipped 0.3% to $0.7498, continuing its retreat from a nearly four-month high of $0.75555 reached last week.<\/p>\n

The euro was flat at $1.15605, staying close to Friday\u2019s intra-day low of $1.1535, its weakest since Oct. 13, giving up most of its post ECB policy gains.<\/p>\n

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

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