Dollar Climbs Higher On Rate Hike Bets

RTTNews | 887日前
Dollar Climbs Higher On Rate Hike Bets

(RTTNews) - The U.S. dollar scored gains against some of its major counterparts on Wednesday amid bets the Federal Reserve will tighten its policy once again to fight inflation.

Atlanta Fed President Raphael Bostic and St. Louis Fed chief James Bullard have said interest rates need to remain higher in order to tame inflation.

Bostic said that he supported another 25 basis point rate hike next month and then pausing for some time to curb high inflation.

Bullard said more rate hikes are need and the fed funds rate need to be taken to a range of 5.5 - 5.75%, to ensure that inflation is under control.

The Federal Reserve released its Beige Book report, noting U.S. economic activity was little changed in recent weeks.

The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said nine districts reported either no change or only a slight change in activity while three indicated modest growth.

With regard to inflation, the Beige Book said overall price levels rose moderately during this reporting period, though the rate of price increases appeared to be slowing.

The dollar index dropped to 101.75 after climbing to 102.23 in the European session, but has edged up to 101.96 now, gaining more than 0.2%.

Against the Euro, the dollar has firmed to 1.0955 from 1.0975. The dollar is trading at 1.2437 against Pound Sterling, down from the previous close of 1.2424.

Against the Japanese currency, the dollar has strengthened to 134.81 yen, gaining from 134.12 yen.

The dollar is slightly stronger against the Aussie at 0.6714, and up against Swiss franc as well, at CHF 0.8977.

Against the Loonie, the dollar has firmed to C$ 1.3459 after oil prices tumbled on worries about outlook for demand.

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Taiwan Shares Tipped To Open In The Green On Tuesday

Taiwan Shares Tipped To Open In The Green On Tuesday

The Taiwan stock market has alternated between positive and negative finishes through the last six trading days since the end of the eight-day winning streak in which it had surged more than 1,450 points or 5.8 percent. The Taiwan Stock Exchange now sits just above the 25,880-point plateau and it may see additional support on Tuesday. The global forecast for the Asian markets continued to be mildly positive on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference. The TSE finished sharply higher on Monday following gains from the financial shares, technology stocks, plastics and cement companies. For the day, the index jumped 302.23 points or 1.18 percent to finish at 25,880.60 after trading between 25,599.60 and 25,887.69. Among the actives, Cathay Financial perked 0.17 percent, while Mega Financial fell 0.36 percent, First Financial collected 0.34 percent, Fubon Financial was up 0.16 percent, Taiwan Semiconductor Manufacturing Company soared 2.37 percent, United Microelectronics Corporation shed 0.46 percent, Hon Hai Precision advanced 0.93 percent, Largan Precision improved 0.85 percent, Catcher Technology gained 0.53 percent, MediaTek tanked 2.43 percent, Delta Electronics rallied 2.14 percent, Novatek Microelectronics stumbled 2.68 percent, Formosa Plastics added 0.65 percent, Nan Ya Plastics soared 3.31 percent, Asia Cement jumped 1.79 percent and CTBC Financial and E Sun Financial were unchanged. The lead from Wall Street is mildly positive as the major averages opened in the red on Monday but quickly bounced higher and continued to trend that way throughout the session, ending near daily highs.
RTTNews | 16分前
Singapore Stock Market Overdue For Support On Tuesday

Singapore Stock Market Overdue For Support On Tuesday

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RTTNews | 46分前
Malaysia Stock Market May See Additional Support On Tuesday

Malaysia Stock Market May See Additional Support On Tuesday

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RTTNews | 1時16分前
KOSPI May Extend Its Gains On Tuesday

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RTTNews | 1時46分前
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RTTNews | 2時14分前
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RTTNews | 2時46分前