Dollar steadies after Fed-inspired losses; sterling weak ahead of BOE
Investing.com - The U.S. dollar edged higher in early European trade Thursday, rebounding after the previous session’s hefty losses following the Federal Reserve opening the door to a September rate cut, while the U.K. pound fell ahead of the Bank of England’s latest policy-setting meeting.
Powell’s comments “suggest the bar is not very high” for a September cut, according to economists at Goldman Sachs, in a note. In June, the MPC voted 7-2 to keep rates on hold, but minutes of the meeting recorded that several of those who voted to hold had been close to voting for a cut.fell 0.4% to 1.0783, after data showed eurozone manufacturing activity remained mired in contraction in July, suggesting the European Central Bank will have to cut interest rates again this year to boost a slowing economy.fell 0.2% to 149.
The readings drummed up concerns over a wider slowdown in China’s biggest economic engines, and further soured sentiment towards the country. They also sparked more calls for stimulus measures from Beijing.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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