US dollar at a two-week high and heading for a weekly high
2019-02-08 08:45 am | Resource: NEWS | No Views : 69
The dollar rose to trade at a two-week high against major currencies as fears of a trade war continued and demand for the dollar and bonds rose as a safe asset. Traders are watching the Federal Reserve's interest rate hike
Trump insists he will not meet Shi before March 1
US President Donald Trump told reporters at the White House Oval Office Thursday that he will not meet with his Chinese counterpart Xi Jinping before the US-China trade truce ends March 1, but said the meeting may be held later some point. Trump also confirmed a previous report claiming that the meeting between the two presidents would be delayed for Trump to focus on his summit with North Korean leader Kim Jong-un on Feb. 27-28 in Vietnam.
Trump said last week that a trade deal would not be reached to end the months-long trade dispute between the United States and China before he and his "friend" Shi personally "have long-term and more difficult points." Later that day, Trump said he would meet Shi "once or twice" before concluding a trade agreement, but the White House later said tariffs on Chinese goods would increase if countries did not reach an agreement by March 1.
Fed Member: No need for further rate hike
St. Louis Federal Reserve Chairman James Pollard said there was no need for the Fed to raise interest rates to meet its inflation targets and jobs, various media reported on Friday.
In a speech at the University of St. Cloud in Minnesota, Pollard said that the FOMC had been "sufficiently protective over the last two years to contain the risks of rising inflation" through the normalization program. He had argued in the past that despite the strong labor market, the Fed did not need to raise interest rates because of low inflation. The Federal Open Market Committee (FOMC) agreed with him last week, announcing that it will keep interest rates unchanged in line with market expectations.
Pollard, a member of the FOMC this year, cautioned that market signals are now cautious and need to be raised against interest rates. He noted that "low market-based inflation expectations" and the "negative" yield curve reflected that the FOMC should "tread cautiously in the future."
Dollar trading against currencies
- The dollar index, a measure of its value against six of its major counterparts, rose 0.1 percent at 96.59, sitting close to a two-week high.
- The Australian dollar fell 0.3 percent to $ 0.7076 in Asian trade as the Reserve Bank of Australia cut its growth forecast.
- The dollar was almost unchanged against the yen as the pair traded at 109.74.
- The dollar was up 0.1 percent against the Canadian dollar at $ 1.3319
- Against the Dollar, the British Pound was slightly lower after rising to trade at 1.2950.
- The euro fell slightly to $ 1.1338 on its way to record a fifth day of losses.
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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