The dollar edged up against major currencies on Thursday following the U.S. Federal Reserve's upbeat assessment of the economic recovery and as its increased tolerance for higher inflation push bond yields higher.
The greenback initially fell after the Fed’s announcement, and weaker-than-expected U.S. retail sales data, but swung into postive territory after Chair Jerome Powell’s comment on economic outlook.
“Besides the presidential election, I think the focus will be on the U.S. fiscal support, which Powell also said is essential. The Congress is still struggling with stimulus talks, and markets are eyeing if that would be resolved.”changed hands at 105.035 against the greenback, a fraction below a 2 1/2-month high of 104.81 marked overnight.
Market participants will focus on BOJ Governor Haruhiko Kuroda’s remarks about how the central bank would coordinate monetary policy with the new Suga administration.was near the 16-month high of 6.7652 per dollar it hit after strong retail sales and industrial output data on Tuesday.
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