HONG KONG, Jan 24 — The dollar traded steady today ahead of the US Federal Reserve’s January policy meeting later this week, while bitcoin lay bruised near a six-month low hit over the weekend, hurt by a sell-off in technology stocks.
“What will prompt investors to scurry about will be the guidance Chair Powell might give at his press conference about quantitative tightening later in 2022,” Neumann said, adding that he was not expecting a policy change. “A bullish statement and/or a faster end to the QE programme could even encourage markets to price a risk of a 50bp rate hike in March,” they added, saying they thought this would lead to a knee-jerk reaction higher in the dollar.
Bitcoin was at US$36,026, having fallen 10 per cent on Friday and dropping as low as US$34,000 on Saturday, its lowest level since July 2021.
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