Dollar slips from 15-month highs as investors eye Fed, data
The dollar dipped on Monday after hitting 15-month highs on Friday following strong U.S. jobs data, as investors digested the report and the Federal Reserve’s plans to start reducing its bond purchases this month.
On Wednesday the Fed stuck to its view that current high inflation is expected to be transitory and said it would start trimming its massive bond-buying program this month, but wait for more job growth before raising interest rates.
At 0953 EST (1453 GMT), the dollar index was down 0.07% on the day at 94.147, taking a breather after Friday’s rally.
The next test of the Fed’s wait-and-see approach to inflation will be U.S. CPI data due on Wednesday.
Commodity Futures Trading Commission data showed speculators scaled back their net long position on the dollar for the fourth week running in the week to Nov. 2.
The euro was a touch higher, up 0.04% at $1.1571.
Euro zone inflation will ease next year and remains too weak in the medium term, European Central Bank chief economist Philip Lane told a Spanish newspaper, repeating the bank’s long-standing message that high price growth is temporary.
Britain’s pound was up 0.5% at $1.3552, on the rebound from the five-week low it hit last week after the Bank of England meeting.
Reference: CNBC
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