{"id":20325,"date":"2023-06-09T03:35:22","date_gmt":"2023-06-09T07:35:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-rebound-from-sharp-losses-fed-meeting-in-focus\/"},"modified":"2023-06-09T03:35:22","modified_gmt":"2023-06-09T07:35:22","slug":"dollar-rebound-from-sharp-losses-fed-meeting-in-focus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20325","title":{"rendered":"Dollar rebound from sharp losses; Fed meeting in focus"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged higher in early European trade Friday, rebounding after the previous session\u2019s sharp losses as traders sought out a safe haven after weak Chinese inflation data.<\/p>\n

At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.358, having lost more than 0.7% in the previous session, its largest daily decline in weeks.<\/p>\n

Safe haven dollar receives boost from Chinese data<\/strong><\/h2>\n

The dollar was in demand early Friday after data showed that Chinese shrank in May from the prior month, while fell at its sharpest pace in seven years.<\/p>\n

This followed a string of weak economic readings from China in the past two weeks, which suggested that the second largest economy in the world, and a major regional growth driver, was struggling to rebound from its COVID hit.<\/p>\n

This could push the Chinese government to roll out more supportive measures in the coming months, but this would likely weaken the yuan further, to the benefit of the dollar.<\/p>\n

rose 0.1% to 7.1215, with the yuan hovering around six-month lows.<\/p>\n

Dollar still on course for worst week since March<\/strong><\/h2>\n

However, this bounce in the U.S. currency came after hefty losses in the previous session after weak pointed to a pause in the \u2019s year-long rate-hiking cycle.<\/p>\n

The greenback is down 0.6% for the week, set for its worst week since mid-March.<\/p>\n

Data released on Thursday showed that the number of Americans filing surged to the highest in more than 1\u00bd years last week.<\/p>\n

With signs of the labor market weakening, Tuesday\u2019s release of the latest , for May, looms large as it comes out just before the central bank officials get together to make their decision on interest rates.<\/p>\n

ECB\u2019s de Guindos set to speak<\/strong><\/h2>\n

fell 0.1% to 1.0777, with ECB Vice President due to speak at an event in Madrid later in the session.<\/p>\n

Traders will be seeking guidance ahead of the European Central Bank\u2019s policy-setting meeting next week, although the is widely expected to hike once more.<\/p>\n

data for April is also due later in the session and is expected to climb just 0.1% on the month, an .<\/p>\n

Elsewhere, edged higher to 1.2562, near a one-month high, traded flat at 0.6717, while rose 0.4% to 139.41.<\/p>\n

rose 1.7% to 23.4950, with the lira falling to another record low against the greenback after President Tayyip Erdo\u011fan appointed Hafize Gaye Erkan, a finance executive in the United States, to head Turkey’s central bank.<\/p>\n

These moves suggest a turn towards orthodoxy in Turkish monetary policy, which could see the country\u2019s economy hit with higher interest rates.<\/p>\n<\/div>\n

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

Investing.com – The U.S. dollar edged higher in early European trade Friday, rebounding after the previous session\u2019s sharp losses as traders sought out a safe haven after weak Chinese inflation data. At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.358, having […]<\/p>\n","protected":false},"author":1,"featured_media":20326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-20325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar rebound from sharp losses; Fed meeting in focus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged higher in early European trade Friday, rebounding after the previous session\u2019s sharp losses as traders sought out a\" \/>\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=20325\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar rebound from sharp losses; 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