{"id":4015,"date":"2023-05-04T05:34:33","date_gmt":"2023-05-04T09:34:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-retreats-after-fed-meeting-while-euro-shines-ahead-of-ecb\/"},"modified":"2023-05-04T05:34:33","modified_gmt":"2023-05-04T09:34:33","slug":"dollar-retreats-after-fed-meeting-while-euro-shines-ahead-of-ecb","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4015","title":{"rendered":"Dollar retreats after Fed meeting, while euro shines ahead of ECB"},"content":{"rendered":"<div>\n<p dir=\"ltr\">Investing.com &#8211; The U.S. dollar retreated in early European trade Thursday, continuing the previous session\u2019s selloff after the Federal Reserve signaled a pause to its year-long tightening cycle after its latest interest rate hike.<\/p>\n<p dir=\"ltr\">At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 100.14, having dropped more than 0.6% in the previous session.<\/p>\n<p dir=\"ltr\">The  raised interest rates on Wednesday by 25 basis points as widely expected, and crucially no longer &#8220;anticipates&#8221; further rate increases will be needed to tame inflation.<\/p>\n<p dir=\"ltr\">This should \u201cmark the end of this hiking cycle as the Fed may rely on the impact of financial conditions deriving from the recent banking crisis to deliver the final bit of tightening,\u201d said analysts at ING, in a note.<\/p>\n<p dir=\"ltr\">The fragility of the U.S. banking system has also weighed on the dollar of late, with the weekend\u2019s collapse of <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> First Republic Bank <\/span><\/span> (NYSE:) meaning that three regional banks have hit the wall in the last couple of months.<\/p>\n<p dir=\"ltr\">The turmoil continued late Wednesday as <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> PacWest Bancorp <\/span><\/span> (NASDAQ:) stock fell over 50% in after-hours trading after Bloomberg reported that the bank would explore strategic options on Thursday.<\/p>\n<p dir=\"ltr\">The focus Thursday now turns to the , which is expected to lift its interest rates later in the session, probably by 25 basis points, without delivering the dovish assessment of future policy.<\/p>\n<p dir=\"ltr\"> rose 0.2% to 1.1075, just below its recent one-year high of 1.1096, and is likely to advance to its highest level since 2021, according to analysts at Deutsche Bank.<\/p>\n<p dir=\"ltr\">\u201cWe see EUR\/USD continuing its drift higher toward 1.15 by mid-year,\u201d the German bank said. \u201cWhile the Fed now seems open to a pause, the ECB may still have work to do and we expect it to accelerate its QT program.\u201d<\/p>\n<p dir=\"ltr\">Data showing March  for the euro zone are due later in the session, and while they are expected to show a drop of 1.7% in the month, this would still represent an  gain of 5.9%.<\/p>\n<p dir=\"ltr\"> traded 0.1% higher at 1.2575, close to an 11-month high of 1.2594, with the  also expected to tighten next week as inflation remains highly elevated.<\/p>\n<p dir=\"ltr\"> fell 0.3% to 134.29, with the yen helped by falling U.S. bond yields as well as growing safe haven demand in the wake of the growing U.S. banking concerns.<\/p>\n<p dir=\"ltr\"> rose 0.1% to 0.6673, with the Aussie dollar helped by strong  and  data, while  fell 0.1% to 6.9059 as China reopened after the \u201cGolden Week\u201d holiday.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/forex-news\/dollar-retreats-after-fed-meeting-while-euro-shines-ahead-of-ecb-3072330\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing.com &#8211; The U.S. dollar retreated in early European trade Thursday, continuing the previous session\u2019s selloff after the Federal Reserve signaled a pause to its year-long tightening cycle after its latest interest rate hike. At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.2% lower [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-4015","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 retreats after Fed meeting, while euro shines ahead of ECB | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar retreated in early European trade Thursday, continuing the previous session\u2019s selloff after the Federal Reserve signaled 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=4015\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar retreats after Fed meeting, while euro shines ahead of ECB | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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