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Dollar gains with yields as Fed policy takes center stage




NEW YORK (Reuters) – The dollar rose on Friday in line with rising U.S. Treasury yields, with investors focusing on when the Federal Reserve is likely to start cutting back on asset purchases.

FILE PHOTO: Four thousand US dollars are counted by a banker counting change at a bank in Westminster, Colorado, November 3, 2009. REUTERS / Rick Wilking

The greenback fell from a one-month low reached last Friday after employment data for August showed job growth slowed, while wage inflation declined. increased more than expected.

However, it has yet to be able to establish a strong trend as investors await further clues as to when the Fed is likely to start cutting its bond purchases and possibly raising rates. .

The most important thing to me is when does the Fed raise rates, and unfortunately we might not know for a little while, said Erik Nelson, macro strategist at Wells Fargo. At New York.

Cleveland Fed Chairman Loretta Mester said on Friday she would still like the central bank to start cutting asset purchases this year, joining the chorus of policymakers making it clear that their plans to start cutting back on asset purchases. support had not been derailed by weaker job growth in August.

Fed officials grapple with increasing pressure on prices as job growth remains below targets.

Data from Friday showed that producer prices in the United States rose sharply in August, indicating high inflation is expected to persist for some time as supply chains remain strained as the COVID-19 pandemic extends.

The Wall Street Journal wrote on Friday that Fed officials will seek a deal at the Fed meeting in September to start cutting bond purchases in November.

The dollar index gained 0.05% to 92.57. It is up from a one-month low of 91.94 on Friday.

The US currency had plunged earlier on Friday due to improving risk sentiment following the announcement of the first speech by US President Joe Biden and Chinese leader Xi Jinping in seven months.

In a statement, the White House said Biden and Xi had had a broad strategic discussion, including areas where interests and values ​​converge and diverge. The conversation focused on economic issues, climate change and COIVD-19, a senior US official told reporters.

The dollar last lost 0.13% to 6.4419 yuan, approaching a more than two-month low of 6.4233 yuan reached last week.

The euro fell 0.07% to $ 1.1816 on Friday, a day after the European Central Bank announced it would cut emergency bond purchases in the next quarter.

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Currency bid prices at 3:04 p.m. (1904 GMT)

Description RIC Last closure US Pct Change YTD Pct High Bid Low Bid

Previous modification


Dollar index 92.5650 92.5320 + 0.05% 2.872% +92.6110 +92.3280

Euro / Dollar $ 1.1816 $ 1.1825 -0.07% -3.29% +1.1851 $ +1.1813

Dollar / Yen 109.8900 109.7150 + 0.19% + 6.42% +109.9850 +109.7000

Euro / Yen 129.85 129.73 + 0.09% + 2.31% +130.2700 +129.7000

Dollar / Switzerland 0.9179 0.9168 + 0.13% + 3.76% +0.9184 +0.9150

Pound sterling / dollar $ 1.3843 $ 1.3835 + 0.06% +1.33% +1.3888 $ +1.3834

Dollar / Canadian 1.2657 1.2665 -0.06% -0.60% +1.2672 +1.2583

Aussie / Dollar $ 0.7362 $ 0.7368 -0.07% -4.28% + $ 0.7409 + $ 0.7360

Euro / Switzerland 1.0846 1.0836 + 0.09% + 0.36% +1.0862 +1.0836

Euro / Sterling 0.8535 0.8543 -0.09% -4.50% +0.8547 +0.8521

NZ $ 0.7123 $ 0.7108 + 0.21% -0.81% + $ 0.7156 + $ 0.7092

dollars / dollars

Dollar / Norway 8.6500 8.6735 -0.22% + 0.79% +8.6820 +8.6180

Euro / Norway 10.2227 10.2552 -0.32% -2.33% +10.2700 +10.1910

Dollar / Sweden 8.6230 8.6070 + 0.07% + 5.20% +8.6252 +8.5945

Euro / Sweden 10.1892 10.1825 + 0.07% +1.12% +10.2019 +10.1715

Additional reporting by Ritvik Carvalho in London; Editing by Chizu Nomiyama




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