Dollar in holding pattern ahead of FOMC minutes, Powell comments
SINGAPORE - The U.S. dollar was struggling to make headway against its peers on Monday, though it traded in a tight range as investors awaited fresh catalysts this week that could offer clues on the outlook for U.S. interest rates.
"Markets will be laser focused to what Powell has to say at the end of this week, and on that, I think it will be a great opportunity for Powell to either endorse or push back market pricing," said currency strategist Carol Kong at Commonwealth Bank of Australia (OTC: With those worries now moderating, traditional safe haven assets such as the yen - which received a boost from a flight to safety - have given up some of their early August gains.
"Given financial markets have calmed down and volatility has eased, I think it is possible that dollar/yen can recover more, perhaps to 150, as volatility continues to move back lower," said CBA's Kong.has been drawing support from a still-hawkish Reserve Bank of Australia after Governor Michele Bullock on Friday said it was premature to be thinking about rate cuts.
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