Dollar rises

AFP, TOKYO: The dollar broadly rose yesterday ahead of a key US central bank policy meeting, while China's yuan hit fresh multi-year lows as policymakers signalled a move away from its peg against the greenback.
Markets are focused on the Federal Reserve, which is expected to give the go-ahead to a small increase in borrowing costs for the first time in nearly a decade -- a plus for  the dollar.
The Fed's two-day meeting, which starts Tuesday, comes as plunging oil prices and worries about the global economy have recently sent investors flocking to safe-haven units including the yen and euro.
"While the US dollar has been trending higher over the past year in anticipation of the first likely rate hike in a decade, the tone of the (Fed) statement will determine how the US dollar might fare" going forward, Bank of New Zealand currency strategist Jason Wong said in a commentary.

 

Dollar rises

AFP, TOKYO: The dollar broadly rose yesterday ahead of a key US central bank policy meeting, while Chinas yuan hit fresh multi-year lows as policymakers signalled a move away from its peg against the greenback. Markets are focused on the Federal Reserve, which is expected to give the go-ahead to a small increase in borrowing costs for the first time in nearly a decade -- a plus for the dollar. The Feds two-day meeting, which starts Tuesday, comes as plunging oil prices and worries about the global economy have recently sent investors flocking to safe-haven units including the yen and euro. While the US dollar has been trending higher over the past year in anticipation of the first likely rate hike in a decade, the tone of the (Fed) statement will determine how the US dollar might fare going forward, Bank of New Zealand currency strategist Jason Wong said in a commentary.