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Dollar Near 11-Week Low On Fed Easing Bets


Wednesday, 12 June 2019 08:33 WIB

DOLLAR


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The dollar hung near an 11-week low against its peers on Wednesday, weighed by expectations the U.S. Federal Reserve could cut interest rates some time in the next few months.

The dollar index versus a basket of six major currencies was flat at 96.698, trading just above the 96.459 level it hit on Monday, its lowest since March 25.

The index has been under pressure following a sharp decline in long-term U.S. Treasury yields, which fell to near two-year lows on Friday after a soft U.S. jobs report raised expectations for an interest rate cut by the Fed.

Investor focus is now on the Fed's next policy meeting on June 18-19 and what kind of signals the central bank could offer on the direction of monetary policy.

Expectations for a central bank rate cut this year rose last week after a number of Fed officials, including Chairman Jerome Powell, hinted they were open to easing monetary policy.

The euro was steady at $1.1328 and in close reach of a three-month peak of $1.1348 scaled on Friday.

The single currency was little affected by U.S. President Donald Trump's accusation that Europe was devaluing the euro, which has gained roughly 1.4% against the dollar so far in June.

Source : Reuters


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