NEW YORK, July 29 ― US stocks and the dollar slipped yesterday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.
“It was a relief that there was no talk of tapering quite yet,” said Ryan Detrick, a senior market strategist at LPL Financial in North Carolina. “Our view is the Fed will likely announce when tapering will start at Jackson Hole later in August.” The lack of a clear taper timeline, while expected, dragged on the dollar nonetheless. The US currency had a month-long rally as investors bet a strengthening economy would spark a Fed move to taper to quell inflation pressures.
The Fed meeting aside, investor risk appetite also got a boost from signs that China's stock market might finally be steadying, after being hammered this week by concerns of a widening regulatory crackdown. The Chinese yuan also edged back from three-month lows. On Tuesday, it had its biggest daily decline since October. The offshore Chinese yuan strengthened versus the greenback at 6.4894 per dollar.Firmer risk appetites did not dent demand for safe-haven gold, which held steady near US$1,800.
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