U.S. Dollar Rebounds After Falling for Fourth Straight Session By Investing.com

Forex News

© Reuters.

Investing.com – The U.S. dollar rebounded on Tuesday in Asia after falling for a fourth straight session, as data showed that U.S. services activity undershot expectations and strengthened expectations the Federal Reserve could rein in rate hikes.

for December fell to a reading of 57.6, missing expectations of 59.6, data showed.

The dollar traded lower earlier in the day following the release of the data, as some traders bet the Fed would halt its tightening if economic growth continues to slow. Some traders even expect a rate cut in 2019, according to Reuters.

The last traded at 96.495 by 10:56 PM ET (03:56 GMT), up 0.3%.

The Federal Reserve in December hinted that two rate hikes were on the table this year, but Fed Chairman Powell indicated last week the central bank would be willing to rein in monetary policy tightening should the need arise.

Powell said that he was aware of economic risks and would be flexible in policy decision this year, easing concerns that the central bank might ignore recent data that suggested an economic slowdown.

“Various concerns markets had earlier are receding for now. Still, there’s no denying that the U.S. earning momentum is slowing,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

“Ultimately we need to see whether upcoming earnings reports can dispel market concerns.”

Meanwhile, the pair traded 0.1% higher at 6.8558 as the People’s Bank of China (PBOC) set the yuan reference rate at 6.8402 vs Monday’s fix of 6.8517.

The Japanese yen fell against the U.S. dollar as global equities recovered on Monday by hopes that Washington and Beijing may be inching towards a trade deal. The gained 0.2% to 108.88.

Elsewhere, the pair and the pair lost 0.3% and 0.1% respectively.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Articles You May Like

‘Triple Frontier’: Affleck Effectively Explores Familiar Territory
‘Us’: Living in a doppelgangsta’s paradise
Explainer – Why Trump’s legal woes go beyond the Mueller report – World
Game industry has mixed reactions to Google Stadia – Tech News
3 Ways To Wear Yellow For A Sunny Spring/Summer 2019 Look

Leave a Reply

Your email address will not be published. Required fields are marked *