Dollar stands tall as focus swings back to Fed - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar stood near recent peaks on Thursday as markets increased bets the Fed has more work to do in its aggressive tightening streak to curb red-hot inflation, while wariness of intervention kept the yen steady.

The Japanese currency hovered at 143.02 in Asia after jumping on Wednesday when the country’s central bank checked on exchange rates with banks – a possible preparation for yen buying.

“The yen direction of travel continues to be for further weakness … If they really want to stop the weakness, then a change in BOJ policy is the recipe,” said Rodrigo Catril, a currency strategist at National Australia Bank. The kiwi jumped 0.2% to $0.6012, as official data showed gross domestic product rose 1.7% in the June quarter, beating forecasts of a 1.0% gain.

The euro had some help from European Central Bank policymaker Francois Villeroy de Galhau who said on Wednesday that the bank’s neutral rate, estimated as below or close to 2% in nominal terms, could be reached by the end of the year.Fed funds futures are pricing in a 37% chance that the Fed will hike rates by 100 basis points.

 

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