Dollar Pares Some Losses Following Fed-Induced Slump By Investing.com

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Investing.com – The U.S. dollar shrugged off falling government bond yields on Thursday, recouping losses against its rivals from a day earlier when the Federal Reserve signaled a willingness to hold off rate hikes.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.31% to 95.32.
The Federal Reserve’s cautions tone pushed government , but the greenback advanced as analysts attempted to temper expectations that the central bank would abandon tightening monetary policy this year.
“While the case for a March pause is increasingly clear, the hurdle for a June hike appears higher now as well,” BNP Paribas (PA:) said.
“Still, we think a lifting of Powell’s cited ‘cross-currents’ as the first half of the year progresses combined with signs of resource tightening indicative of inflationary pressures will convince the FOMC to tighten once more in June.”
The pound, meanwhile, struggled for direction as traders awaited more news on the Brexit front.
UK Prime Minister Theresa May is expected to make her way to Brussels and presents proposals, once finalized, to the European Union in an bid to resolve the Irish border arrangements after Brexit, foreign minister Jeremy Hunt told BBC radio.
fell 0.10% to $1.3103, while fell 0.29% to $1.1442.
fell 0.13% to Y108.88 as the yen remained firm despite the Bank of Japan reassuring market participants that it was open to deploying “various tools” if it were necessary to expand stimulus.
fell 0.02% to C$1.3145 in sideways trading as subdued oil prices kept a lid on the loonie.

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