Economy News

The US dollar is rising after the US Federal Reserve cut its interest rate cuts

The Dollar rose on Wednesday as expectations of a significant cut in US interest rates dwindled after comments by Federal Reserve officials.

Federal Reserve Chairman Jerome Powell confirmed the central independence of President Donald Trump, who is pushing for interest rate cuts.

The dollar fell last week after policymakers opened the door to a rate cut in the coming months. Some traders believe the US central bank may cut interest rates by 50 basis points next month.

But overnight comments trimmed those expectations, prompting the dollar to rise from a three-month low against a basket of other currencies in the previous session to 95.843. The index rose 0.1 percent to 96.273.

Against the Japanese yen, for example, traders were bets on options for large positions between 107.50 and 107 yen. In the money market, the yen traded at 107.45 yen per dollar.

The New Zealand dollar gained early gains in London against the US dollar, and the New Zealand dollar gained 0.4 percent to $ 0.6661 from $ 0.6536 after the Reserve Bank of New Zealand kept interest rates unchanged at 1.5 percent at its monetary policy meeting, although it hinted That another reduction was not excluded.

Sterling remained close to a five-month low of $ 1.2669 after Boris Johnson, who is leading the succession of British Prime Minister Teresa Mae, confirmed his commitment to leave the country for the EU either by agreement or without agreement by October 31. Source