The dollar edged higher and the UK pound was near a 14-month peak on Monday as investors digested a slew of monetary policy decisions by central banks last week and looked ahead to a crunch decision by the Bank of England on Thursday.
Currency market moves have been dominated by central bank efforts globally to curb high inflation, with the dollar index sliding to its biggest weekly fall since January last week after the U.S. Federal ReserveThe dollar index , which measures the U.S. currency against six major counterparts, ticked up 0.1% to 102.420. It remained not far from a one-month low of 102.00 it touched on Friday. U.S. markets are closed on Monday for a holiday.
Investors expect the Bank of England to hike rates by at least 25 basis points when it meets on Thursday, as it battles inflation running at more than four times its target.against the dollar on expectations UK rate rises will outpace other major economies. The pound edged down 0.1% at $1.28080. Money markets place a 74% chance of the BoE opting for a 25 basis points hike and a 26% likelihood of a 50 basis point jump.
In a busy week for central banks last week, the European Central Bank on Thursday raised rates by 25 basis points and left the door open to more hikes, while the Bank of Japan's decision on Friday to stick with its ultra-easy policy kept the yen fragile. Euro zone inflation is at risk of overshooting recently lifted forecasts and the ECB should err on the side of raising rates too much rather than too little, ECB board member
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price forecast: BoE Eyes UK CPI Ahead of Rate DecisionGBP/USD holds steady going into a data heavy week with the recent pound rally looking to be slowing.
Read more »
Forex Today: US Dollar holds steady to start week, eyes on central bank speakForex Today: US Dollar holds steady to start week, eyes on central bank speak – by eren_fxstreet Majors Currencies Macroeconomics Commodities CryptoCurrencies
Read more »
Police describe suspect wanted in Family Dollar armed robberyThe Family Dollar store in Spring Garden Township, York County, was robbed earlier this month.
Read more »
Xi Jinping to Meet Blinken Monday as U.S., China Resume High-Level EngagementXi Jinping is set to meet Secretary of State Antony Blinken in Beijing as the Biden administration seeks to restore high-level engagement and prevent misunderstanding on a range of economic and social issues.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Consolidates on Monday, After Recovering Recent Losses – Bitcoin NewsBitcoin recovered recent losses over the weekend, setting the stage for a potential rally this coming week.
Read more »
Route 30 in Lancaster County to be shut down briefly on MondayThe closure will be in the Manheim Township section of the highway.
Read more »