Dollar Treading Water Ahead of Fed; Brexit Extension Hopes Lift Pound

Monday, 28 October 2019 15:47 WIB



The U.S. dollar was trading near its highest levels in two weeks against the yen on Monday ahead of a keenly anticipated Federal Reserve meeting later in the week, while hopes for a Brexit extension boosted the British pound.

The dollar was up 0.1% to 108.74 against the yen by 04:17 GMT (08:17 GMT), not far highs of 108.94, which is the highest since Aug. 1.

The Fed is expected to deliver its third rate cut in as many meetings on Wednesday, and that has been priced in, but some analysts expect the Fed to sound "hawkish" by signaling it is reluctant to cut rates further.

Investors were also looking ahead to a Bank of Japan policy meeting on Thursday. The BoJ is leaning toward keeping policy on hold, but the decision is a close call as policymakers struggle with threats to the global outlook from the U.S.-China trade war and Brexit.

The U.S. dollar index, a gauge of the greenback against a basket of six major currencies was at 97.51, hovering below one-week highs. Sterling was also higher against the greenback, rising 0.23% to 1.2848 and was little changed against the euro at 0.8632.

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  • The euro continued to rise on Thursday, boosted by a 750 billion euro (673.70 billion pounds) EU plan to prop up the bloc’s coronavirus-hit economies, though gains were limited as doubts about deliver...



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