Dollar stabilized against major currencies during Tuesday trading
2019-02-05 09:05 am | Resource: NEWS | No Views : 68
The dollar settled on recent gains against its major counterparts on Tuesday, amid reports of a consensus between Trump and Jerome Powell. After an official invitation from Powell to Trump for an informal dinner
Powell, chairman of the Federal Reserve, held an "informal dinner" with Trump
Federal Reserve Chairman Jerome Powell held an "informal dinner" at the White House with US President Donald Trump. Federal Reserve Vice Chairman Richard Clarida and Treasury Secretary Stephen Menuchin also attended.
According to a Fed statement. Powell did not discuss his monetary policy expectations, but stressed that the course of the policy will depend entirely on the economic information received and what this means for expectations.
"President Powell said that he and his FOMC colleagues will put in place monetary policy to support maximum employment and stable prices and make these decisions based only on careful, objective and non-political analysis," the statement said. The Fed recently decided to keep interest rates, while Powell said the recent closure of the government could affect the country's GDP in the first quarter. Trump criticized Powell several times, saying he was "frustrated" by him, calling the Fed "the biggest threat."
Fed member Mister: Uncertainty distorts expectations
On the other hand, Federal Reserve Chairman Loretta Mester said the US economy could expect slightly slower growth this year than in 2018, between 2% and 2.5%, which is "still at a higher level of trend" .
However, she warned that uncertainty could negatively affect the outlook and presented the example of the recent government closure.
"Most of our business contacts continue to report that while their concerns about trade policy and global growth are on the rise, their investment plans are still intact, but some large multinationals are becoming more reluctant,
Many manufacturers have said that these tariffs disrupt their supply chains, forcing them to find alternative suppliers or face increased production costs. Should the slowdown in the economies of our major trading partners, including China and Germany, be more severe than expected Or if uncertainty continues to convince more companies to take
"A wait-and-see attitude could slow growth in the US more than expected," Mister said.
US Dollar Trading
- The dollar index, which measures the greenback versus a basket of six major rivals, barely changed at 95.846 after three straight sessions.
- The Australian dollar was up 0.4 percent at $ 0.7255.
- The euro was steady at $ 1.1438, up from a three-week high of $ 1.15145 on Thursday.
- Against the Japanese yen, the dollar rose to 109.93 yen. It rose above 110 yen for the first time in 2018
- Sterling traded against levels of $ 1.3038 after fluctuating during the previous session due to uncertainty about how Britain will leave the European Union.
Time frame Used - four hours The USD/JPY is moving in a sideway direction in the near term. The USD/JPY is still facing resistance and selling pressure around levels of 111.42 - 110.92 as the USD/JPY is floating in a narrow range and the USD/JPY is moving above the Bollinger's moving average line within the narrow range, indicating a potential price explosion but Not yet determined in any direction. In…
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