ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why
  • Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details
  • Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
  • Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » World News

Dollar near two-week high ahead of Fed meet, dovish European Central Bank

The dollar held near a two-week high early on Wednesday ahead of the Federal Reserve`s closely-watched policy decision later in the day, supported by a surprisingly dovish ECB.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Dollar near two-week high ahead of Fed meet, dovish European Central Bank
The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at the next meeting in July. Photo: Reuters

The dollar held near a two-week high early on Wednesday ahead of the Federal Reserve`s closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank (ECB) and bearish eurozone economic data. 

The dollar index versus a basket of six major currencies was steady at 97.615 after climbing to 97.766 on Tuesday, its highest level since June 3.

Focus was on whether the greenback can retain its strength after the Fed`s two-day policy meeting ends later on Wednesday.

The Fed is widely expected to stand pat on monetary policy this time but open the door for an interest rate cut at the next meeting in July.

"The market has mostly priced in a July rate cut and unless there is a big dovish surprise at the FOMC (Federal Open Market Committee) meeting it is hard to imagine the dollar coming under downward pressure," said Takuya Kanda, general manager at Gaitame.Com Research Institute.

"But there will be a lot to digest at this FOMC, such as the Fed`s views on the economy and prices and Chair (Jerome) Powell`s comments. It is hard to tell which of these factors the market decides to latch on and react to."

The prospect of the U.S. central bank lowering rates has also driven benchmark Treasury yields to near two-year lows while boosting equity prices.
The euro was steady at $1.1198 after shedding 0.2% overnight, when it brushed a 15-day trough of $1.1181.

The common currency dropped along with a decline in German government bond yields, which hit a new record low on Tuesday, after ECB chief Mario Draghi said the bank will need to ease policy again if inflation doesn`t head back to its target.

A closely watched survey by the ZEW Institute showing that the mood among German investors had deteriorated sharply in June also weighed on the euro.
 
The Australian dollar was a shade higher at $0.6884 after mounting a rebound the previous day, when it pulled away from a 5-1/2-month low of $0.6832 set on growing expectations that the Reserve Bank of Australia may have to cut rates again.

The Aussie, along with the Chinese yuan, got a lift on Tuesday as China and the United States rekindled trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping.

The Chinese yuan extended overnight gains in offshore trade to reach 6.8953 per dollar, its strongest since May 14.

The dollar gained 0.1% to 108.555 yen after losing modest ground overnight.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Dollar IndexDollarFederal ReserveEuropean Central BankJerome Powell
Written By: Reuters
Updated: Wed, Jun 19, 2019
08:09 am
New Delhi, Reuters
RELATED NEWS
Gold Price Today: Yellow metal snaps 3-day shine on strong dollar index – Check prices in metro cities Gold Price Today: Yellow metal snaps 3-day shine on strong dollar index – Check prices in metro cities
Rupee falls 4 paise against US dollar in early trade Rupee falls 4 paise against US dollar in early trade
Rupee recovers from record low, spurts 12 paise to 78.10 per US dollar Rupee recovers from record low, spurts 12 paise to 78.10 per US dollar
Gold Price Today: Yellow metal softens ahead of US Fed meet decision – check gold price in your city Gold Price Today: Yellow metal softens ahead of US Fed meet decision – check gold price in your city
Dollar set for biggest weekly drop in nearly 4 months as rate bets cool Dollar set for biggest weekly drop in nearly 4 months as rate bets cool

LATEST NEWS

Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM

Closing Bell: Nifty, Sensex pare losses to end flat; oil & gas biggest loser, FMCG top gainer

Excise duty on petrol, diesel, ATF hiked up to Rs 12; details

EXCLUSIVE: Start investing in large-cap stocks, Invest in IT, Auto, Capital Goods, and Private Bank stocks says the market expert

Toyota Hyryder unveiling event starts: Check live streaming link here

PAN-Aadhaar Link: Don't know if your PAN linked with Aadhaar? Check steps here now or else pay double penalty from July 1

India's June factory growth at 9-month low as inflation worries bite

Maruti Suzuki, Ashok Leyland: What makes brokerages bullish on these auto stocks?

Oppo teases Reno 8 series India launch confirmed; likely to release on July 21 - Check details

Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV