SYDNEY : The euro scaled a nine-month high on the dollar on Monday as more hawkish comments on European interest rates contrasted with market pricing for a less aggressive Federal Reserve.
Knot is considered a hawk among policymakers and the comment was taken as push back against recent reports that the ECB would scale back to quarter-point moves from March. Investors also have around 50 basis points of U.S. rate cuts priced in for the second half of the year, reflecting softer data on inflation, consumer spending and housing.
"Additionally, U.S. inflation is seen falling further and faster than the Fed's own projections," he added."Under this scenario, the USD has scope to fall much further this year."Much the same argument goes for sterling, with markets wagering the Bank of England will hike by half a point to 4.0 per cent at its policy meeting next week.The dollar was thus a shade weaker against a basket of currencies at 101.740 and just a whisker for its recent eight-month trough of 101.
Any hint the replacement is less dovish than current governor Haruhiko Kuroda could see the yen climb anew.
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