Dollar holds near multi-month highs as Fed meeting in focus | Malay Mail

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TOKYO, July 26 — The US dollar hovered near its strongest level since early April against the euro today, as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering. The greenback was also close to a 12-day high on...

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TOKYO, July 26 — The US dollar hovered near its strongest level since early April against the euro today, as financial markets looked ahead to the Federal Open Market Committee meeting this week for clues on the timing of stimulus tapering.

“We expect the FOMC to drop ‘substantial’ from ‘substantial further progress’” in its guidance on the necessary conditions for the labour market before removing monetary support, CBA strategist Joseph Capurso wrote in a client note. The dollar index eked out a 0.2 per cent gain last week, benefiting from a safe-haven bid on fears a surge in infections of the fast-spreading Delta variant could derail the global recovery, but paring those gains as strong US earnings lifted stocks.

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