Speculators trimmed net short dollar positions for the second straight week to US$32.67 billion. — Reuters pic
The UK parliament was preparing to debate a draft bill which the government has admitted breaches the terms of its EU divorce treat. The currency nevertheless firmed 0.6 per cent versus the dollar following its weakest week since March. This week’s US Federal Reserve meeting will be its first since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer.
“Expectations are they could strengthen forward guidance, possibly by saying rates will be on hold for 3-4 years,” said Hardman, who remains bearish on the greenback.
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