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Dollar index hovers at 13-month lows on Fed remarks

ForexJul 27, 2017 05:27AM ET
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© Reuters. Fed's cautious stance places dollar under broad selling pressure

Investing.com - The dollar was hovering at fresh 13-month lows against the other major currencies on Thursday, as the Federal Reserve’s most recent policy statement fueled concerns over future rate hikes.

The dollar weakened broadly after the Fed said on Wednesday that inflation remains below its 2% target even as near-term risks to the economic outlook appear “roughly balanced.” In the past, the Fed judged that weakness in inflation was transitory.

The central bank’s cautious tone on inflation sparked fresh uncertainty over the possibility of a third rate hike this year.

The Fed also said it expected to start shrinking its balance sheet "relatively soon", prompting expectations for an announcement in September.

EUR/USD eased 0.09% to 1.1722, pulling away from a two-and-a-half year high of 1.1777 hit overnight.

Elsewhere, GBP/USD edged up 0.18% to 1.3040.

USD/JPY added 0.09% to 111.27, while USD/CHF gained 0.38% to trade at 0.9544.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.12% at a 26-month high of 0.8016 and with NZD/USD adding 0.12% to 0.7529, also a 26-month peak.

Meanwhile, USD/CAD was almost unchanged at 1.2444, very close to the previous session’s 14-month trough of 1.2415.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up only 0.08% at 93.36, just off a fresh 13-month low of 93.00 hit overnight.

Dollar index hovers at 13-month lows on Fed remarks
 

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Jul 27, 2017 6:07AM ET
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