US Dollar near one-month high as yen edges toward 160
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The US dollar hovered near a one-month high on Thursday as traders increased bets on Federal Reserve rate hikes.
- ✓The yen neared the 160 level against the dollar.
- ✓Gavin Friend said, "Fed officials appear to be falling over themselves to talk up rate hikes." Markets now watch for further guidance.
Story at a Glance
- Category
- Indian Markets
- Reported By
- cnbctv18
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The dollar hovered near a one-month high on Thursday, boosted by rising Federal Reserve rate hike bets, while the yen neared the 160 level.
The dollar held near a one-month high against major peers in early Asian trading on Thursday, supported by growing expectations of a Federal Reserve rate hike, while the yen edged toward the psychologically important 160-per-dollar level.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.63% to 102.85, its highest level since October 14.
Traders ramped up bets on further Fed tightening after stronger-than-expected October inflation data and a series of hawkish remarks from US central bank officials, who expressed concern over stubborn inflation and left open the possibility of a larger 50-basis-point increase. Some major brokerages, including Goldman Sachs, now expect another hike early next year, in addition to one in December.
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