Monday, 12 September 2016

Dollar holds steady amid new rate hike speculation-SapForex24

The dollar held steady against the other major currencies on Monday, as comments by a Federal Reserve official sparked fresh speculation over a potential rate hike in the near future.
EUR/USD slipped 0.15% to 1.1218.

The dollar gained some strength late Friday after Boston Fed President Eric Rosengren said that low interest rates are increasing the chance of overheating the U.S. economy.

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He added that gradually tightening monetary policy is appropriate to maintaining full employment.
Market participants were looking ahead to a speech from FOMC voting member Lael Brainard due later on Monday for further hints on a potential interest rate increase.

Meanwhile, the single currency remained mildly supported after the European Central Bank held back from adding additional stimulus measures last week and left interest rates on hold.
GBP/USD edged down 0.17% to 1.3245.

USD/JPY dropped 0.68% to 102.02, while USD/CHF held steady at 0.9757.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.45% at 0.7506 and with NZD/USD shedding 0.29% to 0.7302.

Elsewhere, USD/CAD gained 0.42% to trade at 1.3106, the highest since September 2.
The commodity currencies were hit by tumbling oil prices on Monday due to an increase in oil drilling activity in the US.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.39.


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