{"id":32037,"date":"2023-07-06T04:39:52","date_gmt":"2023-07-06T08:39:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-holds-fed-inspired-gains-yen-strengthens\/"},"modified":"2023-07-06T04:39:53","modified_gmt":"2023-07-06T08:39:53","slug":"dollar-holds-fed-inspired-gains-yen-strengthens","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32037","title":{"rendered":"Dollar holds Fed-inspired gains, yen strengthens"},"content":{"rendered":"<div>\n<p>By Samuel Indyk<\/p>\n<p>LONDON (Reuters) &#8211; The dollar was holding its ground on Thursday, underpinned after the minutes of the U.S. Federal Reserve&#8217;s latest policy meeting firmed bets for a rate hike this month, while a broad risk-off mood lent some support to the Japanese yen.<\/p>\n<p>Minutes from the Fed&#8217;s June meeting released on Wednesday showed that the vast majority of policymakers expect further tightening in U.S. monetary policy, even as they agreed to hold interest rates steady last month.<\/p>\n<p>That sent the dollar slightly higher alongside Treasury yields, while stocks slumped, as expectations grew that the Fed will resume its rate-hike campaign this month and that rates would stay high for some time to tame inflation.<\/p>\n<p>The , which firmed 0.2% on Wednesday, edged 0.06% lower to 103.28.<\/p>\n<p>The  was last flat at $1.0856, while  rose to $1.2728.<\/p>\n<p>&#8220;There were not too many major surprises with the Fed expected to hike later in July and that is a positive for the dollar,&#8221; said Niels Christensen, chief analyst at Nordea.<\/p>\n<p>&#8220;They&#8217;ll still be data dependent so we&#8217;ll see what the jobs data brings,&#8221; Christensen added, citing Thursday&#8217;s labour market releases of jobless claims, ADP employment change and JOLTs and Friday&#8217;s payrolls report.<\/p>\n<p>Markets are now pricing in an 85% chance that the Fed will raise rates by 25 basis points at its policy meeting later this month, according to the CME FedWatch tool.<\/p>\n<p>The , meanwhile, jumped more than 0.5% against the dollar to 143.89 as concerns about the global growth outlook, resulting from the aggressive monetary tightening by major central banks, weighed on risk appetite.<\/p>\n<p>The Japanese currency is traditionally considered as a safe haven asset.<\/p>\n<p>&#8220;(The yen) was stronger on risk-off mode as fears of additional tightening may weigh on growth, risk assets,&#8221; said Christopher Wong, a currency strategist at OCBC.<\/p>\n<p>&#8220;This is largely in line with our caution that worries of global growth concerns and rates staying higher for longer remain intact and may well curb risk appetite.&#8221;<\/p>\n<p>Nordea&#8217;s Christensen said that investors were likely hesitant to push the dollar higher against the yen with the threat of intervention from Japanese authorities looming.<\/p>\n<p>&#8220;There was verbal intervention over the last week. Markets are nervous about whether the Bank of Japan will intervene,&#8221; Christensen said.<\/p>\n<p>The Australian dollar recovered 0.3% to $0.6671, after having fallen more than 0.5% in the previous session following a private-sector survey showing China&#8217;s services activity expanded at the slowest pace in five months in June.<\/p>\n<p>The  gained 0.3% to $0.62.<\/p>\n<p>&#8220;The  is very sensitive to every bit of news from China at the moment,&#8221; said Sean Callow, senior currency strategist at Westpac.<\/p>\n<p>&#8220;Since we got that reopening-from-lockdown rebound in the services sector (in China) &#8230; it&#8217;s been a bit patchy, and I think markets are just not quite sure if the Chinese government is serious about stimulating the economy.&#8221;<\/p>\n<p>The  last traded at 7.2577 per dollar in the offshore market, after having fallen about 0.4% the previous session. The central bank set a stronger-than-expected midpoint fixing for the fourth-straight day this week, which traders believe is an attempt to prevent the yuan from weakening too fast and too far. [CNY\/]\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/economy\/dollar-firms-on-rate-hike-views-after-fed-minutes-yen-treads-water-3120241\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Samuel Indyk LONDON (Reuters) &#8211; The dollar was holding its ground on Thursday, underpinned after the minutes of the U.S. Federal Reserve&#8217;s latest policy meeting firmed bets for a rate hike this month, while a broad risk-off mood lent some support to the Japanese yen. Minutes from the Fed&#8217;s June meeting released on Wednesday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-32037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dollar holds Fed-inspired gains, yen strengthens | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Samuel Indyk LONDON (Reuters) - The dollar was holding its ground on Thursday, underpinned after the minutes of the U.S. Federal Reserve&#039;s latest\" \/>\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=32037\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar holds Fed-inspired gains, yen strengthens | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Samuel Indyk LONDON (Reuters) - 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