{"id":62392,"date":"2023-09-18T07:22:47","date_gmt":"2023-09-18T11:22:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-edges-lower-in-cautious-trading-ahead-of-fed-meeting\/"},"modified":"2023-09-18T07:22:49","modified_gmt":"2023-09-18T11:22:49","slug":"dollar-edges-lower-in-cautious-trading-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62392","title":{"rendered":"Dollar edges lower in cautious trading ahead of Fed meeting"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar edged lower in early European trade Monday, but remained near six-month highs as traders cautiously awaited several key central bank rate decisions this week, most notably from the Federal Reserve.<\/p>\n

At 03:05 ET (07:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 104.937, not far removed from last week\u2019s half-year peak of 105.43.<\/p>\n

Fed to retain hawkish tone<\/strong><\/h2>\n

The dollar slipped slightly Monday, but it retains underlying strength as recent U.S. data has pointed to a resilient economy, while rose by 0.6% on a monthly basis last month, the largest gain since June 2022, driven by higher gasoline prices.<\/p>\n

The is widely expected to keep interest rates on hold when it announces its latest decision on Wednesday, but is also likely to maintain its hawkish stance, signaling the possibility of at least one more hike this year.<\/p>\n

\u201cInflation concerns linger and economic resilience suggest the Fed will continue to signal the potential for a final hike even if we don\u2019t think it carry through with it,\u201d analysts at ING wrote in a note.<\/p>\n

BOE to signal end of hiking cycle?<\/strong><\/h2>\n

The also meets this week, and is likely to hike interest rates for the 15th time on Thursday as inflation remains elevated even as the U.K. economy struggles.<\/p>\n

edged higher to 1.2391 after data showed that asking prices for homes in Britain rose marginally this month following a sharp drop in August, according to property website Rightmove (OTC:).<\/p>\n

That said, the overall outlook for the economy looks pretty grim, with Britain’s main manufacturing trade body on Monday cutting its forecast for the sector’s growth for this year and next, citing a sharp fall in factory output and economic uncertainty.<\/p>\n

This is raising the possibility that the BOE might signal an end to its rate-hiking cycle after Thursday\u2019s expected increase.<\/p>\n

BOJ meeting is Friday\u2019s highlight<\/strong><\/h2>\n

fell 0.1% to 147.64, with Friday\u2019s Bank of Japan meeting in focus after Governor Kazuo Ueda last week stoked speculation of an imminent move away from ultra-loose policy.<\/p>\n

While any rate increases are likely to provide some support to the yen, the currency is still struggling amid declining carry trade interest and a widening gulf between local and U.S. interest rates.\u00a0<\/p>\n

ECB members to speak<\/strong><\/h2>\n

rose 0.1% to 1.0660, with ECB policy makers ECB’s , and scheduled to speak later Monday.<\/p>\n

Their comments will be studied for the extent of the dissent from the more hawkish members of the group over the indications of an end to the year-long rate-hiking cycle after the central bank raised its key interest rate by 25 basis points to a record peak last week.<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

Investing.com – The U.S. dollar edged lower in early European trade Monday, but remained near six-month highs as traders cautiously awaited several key central bank rate decisions this week, most notably from the Federal Reserve. At 03:05 ET (07:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded […]<\/p>\n","protected":false},"author":1,"featured_media":1276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-62392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar edges lower in cautious trading ahead of Fed meeting | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar edged lower in early European trade Monday, but remained near six-month highs as traders cautiously awaited several key\" \/>\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=62392\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar edges lower in cautious trading ahead of Fed meeting | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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