U.S. Dollar Higher After Fed Minutes
10 October 2024 - 3:12AM
RTTF2
The U.S. dollar was higher against its major counterparts in the
New York session on Wednesday, after the minutes of the Federal
Reserve's latest policy meeting showed a split among policymakers
for lowering the policy rate by 50 basis points at the meeting.
In light of the progress on inflation and the balance of risks,
all participants agreed that it was appropriate to ease the stance
of monetary policy, the minutes from the September 17-18 meeting
showed.
A substantial majority of participants supported lowering the
target range for the federal funds rate by 50 basis points
observing that this adjustment in monetary policy would help align
it more closely with recent inflation and labour market
indicators.
Some participants noted that there had been a plausible case for
a 25 basis point rate cut at the previous meeting and that data
over the intermeeting period had provided further evidence that
inflation was on a sustainable path toward 2 percent while the
labor market continued to cool.
Fed officials noted that if the data came in about as expected,
with inflation moving down sustainably to 2 percent and the economy
near maximum employment, it would likely be appropriate to move
toward a more neutral stance of policy over time.
The greenback climbed to near 2-month highs of 1.0935 against
the euro, 0.8609 against the franc, 149.35 against the yen and
1.3710 against the loonie, off its early lows of 1.0980, 0.8565,
148.00 and 1.3643, respectively. The currency is seen finding
resistance around 1.08 against the euro, 0.89 against the franc,
150.00 against the yen and 1.38 against the loonie.
The greenback appreciated to more than a 3-week high of 0.6707
against the aussie and near a 2-month high of 0.6052 against the
kiwi, from its early lows of 0.6761 and 0.6143, respectively. The
currency is poised to challenge resistance around 0.65 against the
aussie and 0.58 against the kiwi.
The greenback rebounded to 1.3061 against the pound. This may be
compared to an early nearly 4-week high of 1.3055. The currency is
poised to challenge resistance around the 1.29 level.
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