Thursday, 04 June 2020
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Dollar Near Two-Week High, Euro Steady as Traders Temper Rate Cut Views

The dollar traded near a two-week high versus the yen as investors pared expectations for aggressive Federal Reserve interest rate cuts ahead of key U.S. economic data due later in the day.

The dollar traded at 108.675 yen near a two-week high of 108.755 yen. The greenback was on course for a 0.9% gain on the week, which would be its biggest since the week ending March 1.

Against a basket of six major currencies, the dollar index was at 97.791 after reaching a two-month high of 98.173. The dollar index was up 0.7% on the week.

The Fed is widely expected to lower its target range of 2.25%-2.50% by 25 basis points at a meeting ending July 31, but expectations for a larger 50-basis point have waned due to positive economic data.

Before the Fed meets, the BOJ announces its policy decision on July 30. Central bank officials are divided on whether to ease policy, but some argue there is no immediate need for action as domestic demand offsets weak exports.

The euro traded at $1.1143, a mild recovery from a two-month low of $1.1102. However, the euro was down 0.7% this week.

After the ECB meeting, Draghi indicated the bank was prepared to cut rates at its next decision in September and consider other options for easing, but his comments regarding a low risk of recession supported the euro.

Sterling changed hands at $1.2455, on course for a 0.5% weekly loss. Cable has stabilized since Boris Johnson became Britain's new prime minister, but there is still uncertainty about Britain's negotiations to leave the European Union.

Source : Reuters

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