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Dollar ascendant as Fed cut bets pared, jawboning props up yen

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TOKYO : The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve's first interest rate cut this year.The dollar held close to a six-week peak versus the euro and sterling reached on Monday, after U.S.

TOKYO : The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve's first interest rate cut this year.

"The divergence of solid growth dynamics for the U.S. and waning Fed rate cut risk against sluggish growth for other FX majors suggests that any DXY dips should be seen as buying opportunities," said Westpac's head of currency strategy, Richard Franulovich, referring to the dollar index. The Japanese yen firmed slightly on Tuesday to 151.565 per dollar, after dipping to 151.77 the previous day.

"If intervention occurs, resultant flushes in USD/JPY below 150.00 could be relatively deep given the recent surge in leveraged shorts in JPY. However, they are still likely to be seen as buying opportunities once positioning has become more balanced."

Source: Loan Digest (loandigest.net)

 

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