The U.S. dollar eased slightly as investors digested the possibility that Federal Reserve may raise interest rates further than expected, while sterling edged higher ahead of the Bank of England policy meeting. | Reuters
“We are seeing a slight pullback in dollar after the big moves yesterday,” Alvin Tan, head of Asia FX strategy, RBC Capital Markets, pointing out that market activity was muted as a result of a public holiday in Japan.
“They are going to reduce the pace but keep on tightening,” he added, noting that this was not something new but pushes back the growing narrative of a Fed pivot because of slowdown in growth. “This shall further embolden expectations of policy divergence with a much hawkish Fed relative to other central banks around the world. Further tightening of financial conditions shall put downward pressure on risk assets and strengthen the dollar.”Meanwhile, the pound was last trading at $1.1412, up 0.
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