{"id":14249,"date":"2023-09-20T11:28:00","date_gmt":"2023-09-20T11:28:00","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/forex\/dollar-steady-ahead-of-fed-decision-sterling-weakens-on-cpi-drop\/"},"modified":"2023-09-20T11:28:01","modified_gmt":"2023-09-20T11:28:01","slug":"dollar-steady-ahead-of-fed-decision-sterling-weakens-on-cpi-drop","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=14249","title":{"rendered":"Dollar steady ahead of Fed decision; sterling weakens on CPI drop"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar traded in a steady fashion in Europe Wednesday ahead of the conclusion of the latest Federal Reserve policy meeting, while sterling weakened after a surprise drop in the headline U.K. inflation rate.<\/p>\n

At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely flat at 104.807, remaining close to last week\u2019s six-month high.<\/p>\n

Dollar in limbo ahead of Fed rate decision<\/strong><\/h2>\n

The has traded in a tight range of late, with traders hunkering down for news to come out of the as officials conclude the latest policy-setting meeting later in the session.<\/p>\n

The U.S. central bank is widely expected to keep interest rates on hold. But with energy prices on the rise again and economic data tending to show a resilient economy, Fed chair Jerome Powell is likely to keep open the option of another hike before the end of the year<\/p>\n

\u201cWe expect Powell to express optimism over the continued cooling in the labor market and the accompanying disinflation, which has come alongside continued strength in economic growth,\u201d said analysts at ABN Amro, in a note.<\/p>\n

\u201cAt the same time, we expect Powell to reiterate that the Committee remains open to further rate rises should that prove necessary.\u201d<\/p>\n

Surprise drop for U.K. inflation<\/strong><\/h2>\n

Elsewhere, fell 0.3% to 1.2354 after U.K. inflation unexpectedly fell in August, raising the possibility that the Bank of England calls time on its prolonged rate-hiking cycle in the near future.<\/p>\n

The fell to 6.7% in August, from 6.8% in July, defying expectations for a rise to 7.0%, driven by a drop in hotel prices and air fares, and by food prices rising by less than at the same time last year.<\/p>\n

The meets on Thursday, and is expected to deliver another rate hike, given inflation remains considerably above its 2% medium-term target. But with the U.K. economy cooling this could prove to be the last in its current tightening cycle.<\/p>\n

German producer prices slump<\/strong><\/h2>\n

rose 0.1% to 1.0687, with the euro showing some strength despite falling 12.6% on the year in August, the biggest year-on-year decline in August since data collection began in 1949, spurring hopes for further easing of inflation in Europe’s largest economy.<\/p>\n

The European Central Bank hiked interest rates again last week, as inflation remained above its target, but also hinted that Thursday\u2019s increase may have been its last for now.<\/p>\n

Yen hovers near 10-month low<\/strong><\/h2>\n

rose 0.1% to 147.95, hovering near a 10-month peak ahead of the FOMC announcement, with traders keeping their eyes open for possible intervention to support the yen.<\/p>\n

The meets on Friday, and expectations are for the central bank to keep interest rates ultra-low, putting more pressure on the Japanese currency.<\/p>\n

edged higher to 7.2988, after the kept its loan prime rates steady at record lows.\u00a0<\/p>\n

The PBOC also set a stronger-than-expected daily midpoint for the yuan on Wednesday, as it struggles to maintain a balance between fostering an economic recovery and preventing further weakness in the yuan.\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar traded in a steady fashion in Europe Wednesday ahead of the conclusion of the latest Federal Reserve policy meeting, while sterling weakened after a surprise drop in the headline U.K. inflation rate. At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other […]<\/p>\n","protected":false},"author":1,"featured_media":14250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[36],"tags":[],"class_list":{"0":"post-14249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-forex"},"yoast_head":"\nDollar steady ahead of Fed decision; sterling weakens on CPI drop | Prosfunds<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar traded in a steady fashion in Europe Wednesday ahead of the conclusion of the latest Federal Reserve policy meeting, while\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=14249\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar steady ahead of Fed decision; 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