U.S. Dollar Appreciates As Fed's Clarida Reinforces Hopes For Higher Interest Rates
04 Agosto 2021 - 11:13PM
RTTF2
The U.S. dollar was higher against its major counterparts in the
Asian session on Thursday, as hawkish comments from Federal Reserve
Vice Chairman Richard Clarida cemented expectations for a hike in
interest rate in early 2023.
Speaking at an online event hosted by the Peterson Institute for
International Economics, Clarida said that criteria for raising
rates could be achieved by the end of 2022, warranting an action in
early 2023.
Although the labor market recovery is far from desired levels,
inflation has exceeded the Fed's 2 percent goal. Clarida said he
expects the labor market to have reached the maximum employment
goal by the end of 2022.
"Given this outlook and so long as inflation expectations remain
well anchored at the 2% longer-run goal … commencing policy
normalization in 2023 would, under these conditions, be entirely
consistent with our new flexible average inflation targeting
framework," he added.
Overnight data from the Institute for Supply Management showed
that service sector registered a record expansion in July.
The greenback held at 8-day peaks of 1.1830 against the euro and
1.3872 against the pound. The greenback had ended yesterday's deals
at 1.1837 against the euro and 1.3888 against the pound.
The greenback rose to a 3-day high of 109.75 against the yen and
a 1-week high of 0.9078 against the franc, off its early lows of
109.46 and 0.9053, respectively. The greenback is likely to face
resistance near 112.00 against the yen and 0.92 against the
franc.
The greenback gained to 1.2548 against the loonie and held
steady thereafter. At yesterday's close, the pair was worth
1.2538.
The greenback, meanwhile, eased off from its early highs of
0.7375 against the aussie and 0.7037 against the kiwi. Next key
support for the currency is seen around 0.75 against the aussie and
0.72 against the kiwi.
Looking ahead, U.K. construction PMI for July is set for release
in the European session.
The Bank of England's monetary policy announcement is due at
7:00 am ET. The Monetary Policy Committee is widely expected to
hold the key rate at a record low of 0.10 percent and the
quantitative easing programme at GBP 895 billion.
U.S and Canadian trade data for June and U.S. weekly jobless
claims for the week ended July 31 will be featured in the New York
session.
AUD vs US Dollar (FX:AUDUSD)
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AUD vs US Dollar (FX:AUDUSD)
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