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Market News Dollar inches higher after previous day’s jump; investors look to Fed next week

Dollar inches higher after previous day’s jump; investors look to Fed next week

On Tuesday, the U.S. dollar gained a little ground against the euro and the yen as U.S. stocks fell and investors tried to position themselves for the anticipated interest rate hike from the U.S. Federal Reserve that will likely take place next week.

Skylar Shaw

2022-12-07

484

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The dollar's performance was also more subdued after it spiked in the previous session on expectations that the Fed could raise rates more than previously anticipated after data showed that the U.S. services industry activity unexpectedly perked up in November. Traders presently anticipate the Fed to announce a half-point increase on December 14th.

According to Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, "there aren't many new incentives." Although "there was a lot of price action yesterday," next week's Fed meeting is the main topic of discussion.

The important consumer price index data for November will also be released the following week, according to the timetable.

Chandler suggested that the dollar may be gaining from stock market bearishness, saying that the dollar "has tended to profit from a risk-off environment." The S&P 500 fell for a fourth straight session as all three of the major U.S. stock indices finished Tuesday with significant declines.

The U.S. dollar index, which compares the dollar to six significant rivals, is still up approximately 10% for the year. On Tuesday, it last increased by 0.3%.

At $1.0465, the euro was down 0.2% vs the dollar, but the dollar was up 0.1% versus the Japanese yen.

Interest rates will increase again, although they are already "quite close" their neutral level, according to policymaker Constantinos Herodotou of the European Central Bank.

Prior to the Bank of Canada's rate decision on Wednesday, the dollar was up 0.5% against the Canadian currency. Although a narrow majority of economists surveyed by Reuters anticipate a 50 basis point rate hike, traders are putting in a 73.3% possibility of a scaled-back 25 basis point boost from the BoC.

At $0.6687, the Australian dollar yesterday fell 0.1%. It increased sooner as a result of the Reserve Bank of Australia's (RBA) seventh rate increase in as many months. The RBA added that although inflation was still high, it was not on a predetermined course to tighten policy.

According to Francesco Pesole, FX strategist at ING, the Western price ceiling on Russian seaborne crude, which went into effect on Monday, may soon start to have an effect on the energy market.