Dollar dips as Fed cites disappointing inflation, but keeps focus on cuts

NEW YORK: The dollar fell on Wednesday after the US Federal Reserve signalled it is still leaning toward eventual reductions in borrowing costs, but repeated that it wants to gain"greater confidence" that inflation will continue to fall before cutting rates.

Stickier-than-expected consumer price inflation in March dashed hopes that elevated readings in January and February were anomalies, leading traders to push back expectations on when the US central bank is likely to cut interest rates. The dollar index fell 0.44 per cent at 105.85, after earlier reaching 106.49, the highest since Apr 16. A break above the 106.51 would be the highest since early November.

The next major economic indicator will be Friday's jobs report for April, which is expected to show that employers added 243,000 jobs during the month. The Japanese currency rallied sharply on Monday, with traders citing yen-buying intervention by Japanese authorities to try to underpin a currency languishing at levels last seen over three decades ago.

Source: Loan Digest (loandigest.net)

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