NEW YORK, June 19 — The dollar extended its advance against a basket of currencies yesterday, building on the gains logged after the US Federal Reserve earlier this week surprised markets by signaling it would raise interest rates and end emergency bond-buying sooner than expected.
Investors’ risk appetite took another hit after St. Louis Federal Reserve President James Bullard said yesterday that the US central bank’s shift this week toward a faster tightening of monetary policy was a “natural” response to economic growth and particularly inflation moving quicker than expected as the country reopens from the coronavirus pandemic.
“Essentially, the entire world was short the dollar going into this, everyone from speculative traders to corporates to investors,” Schamotta said.The unwind of sizeable bearish bets against the dollar is expected to provide support for the greenback in coming days, investors said. “The US central bank is one step ahead and as a result USD is likely to remain well supported against the EUR,” Commerzbank strategists said in their daily note.
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