Dollar Loses Ground As Aggressive Rate Hike Concerns Recede

RTTNews | 1053 hari yang lalu

(RTTNews) - The U.S. dollar drifted lower against most of its major rivals on Monday amid expectations the Federal Reserve will be less aggressive at its upcoming meeting later this month.

Policymakers including Fed Governor Christopher Waller, as well as regional Fed Presidents Mary Daly, Loretta Mester, James Bullard, and Raphael Bostic, suggested that a 75 basis-point hike would be appropriate for this month.

Worries about inflation have faded a bit as well after a survey report from the University of Michigan last week showed inflation expectations eased to a one-year low.

A report released by the National Association of Home Builders showed a substantial deterioration in U.S homebuilder confidence in the month of July.

The report showed the NAHB/Wells Fargo Housing Market Index plunged to 55 in July from 67 in June. Economists had expected the index to edge down to 66.

The HMI showed its second biggest single-month drop after a 42-point nosedive in April 2020, tumbling to its lowest level since May 2020.

Traders now look ahead to the European Central Bank's monetary policy meeting on Thursday. The ECB is expected to hike interest rate by 25 basis points and signal a 50-basis point hike in September.

The Bank of Japan, which is scheduled to meet on Wednesday and Thursday, is expected to keep its ultra-loose money policy in place.

The dollar index dropped to a low of 106.89 before regaining some lost ground. Still, at 107.45, the index is down as much as 0.57%.

Against the Euro, the dollar has weakened to $1.0146 from $1.0088.

The dollar has dropped to $1.1950 against Pound Sterling, weakening from $1.1868 Friday evening.

Against the Japanese currency, the dollar has shed ground, fetching 138.14 yen a unit, compared to 138.53 on Friday.

The dollar is weak against the Aussie with the AUDUSD pair at 0.6812.

The dollar has firmed to CHF0.9774. Against the Loonie, the dollar has weakened, fetching C$1.2979 a unit as oil prices rallied sharply on supply concerns.

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EURUSD	1.14362	GBPUSD	1.35824	AUDUSD	0.65148
USDJPY	143.789	USDCAD	1.36595	USDCHF	0.82066

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Dollar Loses Ground As Aggressive Rate Hike Concerns Recede