Dollar gains as traders gird for higher US rates - 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 was on the front foot on Thursday after Federal Reserve Chair Jerome Powell signalled US rates would likely rise further than expected, disappointing traders’ hopes for a change in tone, and shifting the focus to Friday’s jobs data.

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The dollar hit a week-high of $0.9810 per euro in early Asia trade and is eyeing its best week in more than a month, although a Bank of England meeting and US labour data loom before the close of trade in New York on Friday.The dollar initially fell on hints in the Fed’s statement of smaller hikes ahead, but it was bid after Powell’s hawkish stance about the trajectory rates.

The dollar’s gains knocked its New Zealand peer from a six-week high and back below its 50-day moving average to $0.5890.“Strong hawkish messaging from the Fed chair pours cold water on premature dovish pivot expectations,” said analysts at Citi, who recommend staying long the U.S. dollar in Asia. Japan’s yen was notably firm in the face of dollar gains, and has held at 147.90 per dollar, prompting speculation of possible help from official intervention.

 

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