Dollar dazzles after US rate cut as stocks falter

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LONDON: The dollar pushed higher on Thursday (Aug 1) after the US Federal Reserve cut rates for the first time in a decade but left investors ...

Fed chair Jerome Powell managed to deliver a"hawkish cut", said Robert Carnell, Asia-Pacific chief economist at ING."There's more coming, but not much, so don't hold your breath," he said.

He told reporters he remained confident in the American economy and saw no sectors ready to go"bust".Some in the markets, as well as US President Donald Trump, had thought the Fed might go for a bigger cut and signal further easing down the road, but Powell appeared to keep his powder dry."Investors quickly came to the conclusion that, with an 8-2 vote and a reluctance to commit to further cuts, the Fed was less dovish than they had believed," said analysts at Moneycorp.

But some analysts said deep uncertainty about the terms on which Britain eventually leaves the EU undermined any attempt at solid forecasting.

 

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