TOKYO : The U.S. dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations for a slower pace interest rate cuts by the Federal Reserve and growing bets of a possible second Donald Trump presidency.
FILE PHOTO: Japanese 10,000 yen notes are spread out next to U.S. 100 dollar bills at Interbank Inc. money exchange in Tokyo, in this September 9, 2010 picture illustration. REUTERS/Yuriko Nakao/File Photo
This week, Kansas City Fed President Jeffrey Schmid said he would prefer to"avoid outsized moves", and Philadelphia Fed President Patrick Harker backed"a slow, methodical approach" to further easing. "Solid economic momentum as well as Fed messaging emphasising a gradual and deliberate approach to further policy easing is making the market nervous," said Rodrigo Catril, senior FX strategist at National Australia Bank.
The dollar has also benefited from a recent rise in market expectations for a victory next month by Republican candidate and former President Trump, which would likely bring about inflationary policies such as tariffs. The euro slumped to a nearly four-month trough of $1.07612 overnight, and last changed hands at $1.07845.
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