NEW YORK, Dec 14 ― Global stock markets fell and the dollar gained ground yesterday as investors waited for news from a host of central bank meetings this week and mulled a future without the Fed's safety net.
“ central bank rate decisions this week will likely show stocks have to move higher without the help of central bankers,” said Edward Moya, senior analyst at OANDA.The European Central Bank, the Bank of England and the Bank of Japan are also meeting this week, and are each heading toward normalising their own monetary policies.
The dollar index rose 0.27 per cent, with the euro down 0.01 per cent to US$1.1282, as it is seen as vulnerable to a US rate hike given expectations that the Fed will tighten policy more quickly than the ECB. The ECB, meeting on Thursday, is likely to confirm that its €1.85 trillion pandemic emergency stimulus scheme will end next March.