SINGAPORE : The dollar was headed for its third weekly gain in a row and stood near its highest levels in decades on the euro and yen on Friday, with investors in little mood for selling ahead of U.S. labour data that could bolster the case for interest rate hikes.A solid U.S. manufacturing survey overnig
SINGAPORE : The dollar was headed for its third weekly gain in a row and stood near its highest levels in decades on the euro and yen on Friday, with investors in little mood for selling ahead of U.S. labour data that could bolster the case for interest rate hikes.
The dollar index made a two-decade top at 109.99 in New York trade and was last at 109.55. It is up more than 1 per cent in the week since Federal Reserve Chair Jerome Powell said at Jackson Hole, Wyoming that rates would need to be high"for some time" to control inflation, surprising markets. "We had thought that the slowing of the economy would be enough to pause Fed hiking by November but Powell's clear nod to restrictive policy points to a higher bar to a pause," said Steve Englander, head of G10 FX research at Standard Chartered.
Fed funds futures are pricing about a 75 per cent chance that the Fed hikes rates by 75 bps this month and it has been a week of heavy selling in the Treasury market, lifting two-year yields by 12 bps and 10-year yields by 23 bps.
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