SINGAPORE, Feb 2 ― The dollar tumbled today after the US Federal Reserve said it had turned a corner in the fight against inflation, giving markets a confidence boost that the end of its rate-hike campaign is near.
The dollar dived following Powell's remarks, and against a basket of currencies, the US dollar index fell to a fresh nine-month low of 100.80.“It was very much a sort of relief ... that there was nothing there to really seriously challenge the market's prevailing view,” said Ray Attrill, head of FX strategy at National Australia Bank .
With the Fed out of the way, the stage is set for the European Central Bank and the Bank of England to announce their rate decisions later today, where expectations are for a 50bp hike from each. Euro zone inflation eased for the third straight month in January, data yesterday showed, but any relief for the ECB may be limited as underlying price growth held steady and concerns have already been raised about the reliability of the figures.
Source: Financial Digest (financialdigest.net)
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »