US dollar was steady ahead of the Federal Reserve meeting later in the week.
SINGAPORE – The euro fell on June 10 as French President Emmanuel Macron called a shock election after being trounced in the European Union vote by the far-right, while the
“The prospects of a far right victory in France’s snap elections may keep the euro under pressure in the near term,” said Mr Mansoor Mohi-Uddin, chief economist at Bank of Singapore. The dollar index, which measures the US currency against six rivals, was at 105.09, the highest since May 30, after rising 0.8 per cent on June 7 following data that showed the world’s largest economy created a lot more jobs than expected in May.
“But this result will likely take the steam out of that conversation. The Fed has shown patience in waiting for the confidence that inflation will fully return to target before signalling rate cuts, and that caution seems warranted.” The Fed is not expected to make any change at its policy meeting this week, but the focus will be on the comments from Fed chair Jerome Powell and changes to economic projections from the policymakers.“We suspect that the median dot will fall from three cuts to less than two. A hawkish hold?,” said Mr Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
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