{"id":16553,"date":"2023-06-01T03:26:12","date_gmt":"2023-06-01T07:26:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-stabilizes-progress-of-debt-ceiling-bill-fed-officials-in-focus\/"},"modified":"2023-06-01T03:26:13","modified_gmt":"2023-06-01T07:26:13","slug":"dollar-stabilizes-progress-of-debt-ceiling-bill-fed-officials-in-focus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16553","title":{"rendered":"Dollar stabilizes; progress of debt ceiling bill, Fed officials in focus"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar stabilized in early European trading Thursday near a two-month high as traders digested progress in the U.S. debt ceiling bill, comments from a number of Fed speakers, and Chinese manufacturing activity data.<\/p>\n

At 03:55 ET (07:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded largely flat at 104.240, just below an over two-month high hit in the previous session.<\/p>\n

Risk sentiment received a boost earlier Thursday after a private survey showed that China\u2019s grew more than expected in May, offering hope of a recovery in the country\u2019s key growth driver after official data had shown a sustained slowdown earlier this week.<\/p>\n

This helped fall 0.1% to 7.1072, with the yuan rebounding from six-month lows, although doubts remain about the recovery of the second largest economy in the world given today\u2019s survey only showed a marginal improvement in activity. <\/p>\n

The safe-haven dollar has also drifted from its recent highs after the U.S. House of Representatives voted in favor of a bill to suspend the debt ceiling late Wednesday.<\/p>\n

The deal now heads to the Senate for approval, but the chance of a default in the world\u2019s largest economy appears to be receding swiftly.<\/p>\n

Attention now turns back to the intentions of officials in terms of monetary policy as the next meeting draws nearer.<\/p>\n

A pause on rate hikes in June was given a major boost Wednesday after Philadelphia Federal Reserve President indicated a willingness to pause interest rate hikes next month to assess incoming data.<\/p>\n

“Skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming,” Harker said.<\/p>\n

Elsewhere, fell 0.1% to 1.0680 after grew 0.8% on the month in April, an improvement on the 2.4% drop the prior month, but this still represented an of 4.3%.<\/p>\n

The focus, however, will be on the May release later in the session. Figures from a number of individual countries have shown that inflation pressures are easing, and thus there is potential downside to the expected 7.0% annual figure for May.<\/p>\n

This would support the view of the dovish members of the governing council who are calling for an early end to interest rate increases. <\/p>\n

edged lower to 1.2439 after data from Nationwide building society indicated that fell once more in May, falling 3.4% on an annual basis.<\/p>\n

rose 0.1% to 0.6506, helped by the better-than-expected numbers, while rose 0.3% to 139.75, although the yen traded well above the recent six-month lows seen versus the dollar.<\/p>\n<\/div>\n

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

Investing.com – The U.S. dollar stabilized in early European trading Thursday near a two-month high as traders digested progress in the U.S. debt ceiling bill, comments from a number of Fed speakers, and Chinese manufacturing activity data. At 03:55 ET (07:55 GMT), the , which tracks the greenback against a basket of six other currencies, […]<\/p>\n","protected":false},"author":1,"featured_media":1677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-16553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar stabilizes; progress of debt ceiling bill, Fed officials in focus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar stabilized in early European trading Thursday near a two-month high as traders digested progress in the U.S. debt ceiling\" \/>\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=16553\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar stabilizes; 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