{"id":1417,"date":"2023-04-28T12:45:57","date_gmt":"2023-04-28T16:45:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-weakens-euro-gains-ahead-of-central-bank-meetings\/"},"modified":"2023-04-28T12:45:58","modified_gmt":"2023-04-28T16:45:58","slug":"dollar-weakens-euro-gains-ahead-of-central-bank-meetings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1417","title":{"rendered":"Dollar weakens, euro gains ahead of central bank meetings"},"content":{"rendered":"
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Investing.com – The U.S. dollar was on the back foot in early European trade Tuesday, with traders positioning for a more hawkish stance from the European Central Bank than the Federal Reserve ahead of next week\u2019s policy-setting meetings.<\/p>\n

At 02:50 ET (06:50 GMT), the , which tracks the greenback against a basket of six other currencies, traded marginally lower at 101.070, close to a new 10-day low after falling 0.4% overnight.<\/p>\n

The is widely expected to raise rates by another 25 basis points at next week’s policy-setting meeting, but expectations are growing that the central bank will start cutting interest rates later this year.<\/p>\n

Economic data of late has pointed to a slowing U.S. economy, while news overnight of plunging deposits at First Republic Bank <\/span><\/span> (NYSE:) highlighted the fragility of the country\u2019s banking system.<\/p>\n

First-quarter U.S. data, due Thursday, is expected to show that growth slowed from the prior quarter, and it would take a sharp upward surprise from Friday\u2019s – the Fed\u2019s preferred inflation gauge – to change the dovish narrative.<\/p>\n

\u201cUnless Friday’s US March core PCE inflation markedly surprises above the consensus 0.3% month-on-month figure, expectations for one last Fed hike look locked in and we doubt the dollar needs to rally too much further,\u201d said analysts at ING, in a note.<\/p>\n

rose 0.1% to 1.1048, with a hefty 50 basis point hike remaining a live option at next week’s central bank meeting.<\/p>\n

rose slightly in April, according to the Ifo institute\u2019s business climate index, released Monday, adding to hopes that Europe’s largest economy has managed to have dodged a winter recession.<\/p>\n

Additionally, April inflation reports from the region\u2019s largest economies , , and , due later this week, are likely to point to inflationary pressures remaining elevated.<\/p>\n

This all points to the hiking rates next week, with central bank board member Isabel Schnabel telling Politico that a 50 bps rate hike was not off the table and would depend on data.<\/p>\n

fell 0.1% to 1.2473, drifting off a 10-day high hit earlier with the also expected to hike rates next week after rose 10.1% in March from a year earlier, driven by the strongest increase in food costs in more than four decades.<\/p>\n

dropped 0.2% to 0.6681 ahead of Wednesday\u2019s data, while traded flat at 134.22, ahead of new Governor Kazuo Ueda\u2019s first policy meeting in charge of the .<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar was on the back foot in early European trade Tuesday, with traders positioning for a more hawkish stance from the European Central Bank than the Federal Reserve ahead of next week\u2019s policy-setting meetings. At 02:50 ET (06:50 GMT), the , which tracks the greenback against a basket of six other […]<\/p>\n","protected":false},"author":1,"featured_media":1418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-1417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar weakens, euro gains ahead of central bank meetings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar was on the back foot in early European trade Tuesday, with traders positioning for a more hawkish stance from the European\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1417\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar weakens, euro gains ahead of central bank meetings | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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