LONDON, Nov 24 — The US dollar extended losses today after the minutes from the Federal Reserve’s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting.
“As long as the Fed see a stronger labour market, they don’t have a big concern about tightening,” Christensen said. Those hopes have seen the dollar index slide 5.2 per cent in November, putting it on track for its worst monthly performance in 12 years. The single currency was last up 0.2 per cent at US$1.0415 , while sterling was trading at US$1.2135, up 0.7 per cent on the day. The pound rallied 1.4 per cent yesterday after preliminary British economic activity data beat expectations, although it still showed that a contraction was under way.
Meanwhile, billionaire investor Bill Ackman said he’s betting the Hong Kong dollar will fall and that its peg to the US dollar could break.
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