Dollar inches higher after Fed checks aggressive easing views
FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration
Fed Chairman Jerome Powell stressed the central bank’s independence from U.S. President Donald Trump, who is pushing for rate cuts. St. Louis Fed President James Bullard, considered one of the most dovish U.S. central bankers, surprised some investors by saying a 50-basis-point cut in rates “would be overdone.”
However, the overnight comments tamped down those expectations, pulling the dollar up from three-month lows against a basket of other currencies in the previous session at 95.843. It was up 0.1% at 96.273. But the bounce is likely to be short-lived. Derivative markets suggest markets are ready for a weaker dollar.
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