The dollar hovered near two-week lows on Thursday as Federal Reserve minutes rei...
TOKYO - The dollar hovered near two-week lows on Thursday as Federal Reserve minutes reinforced its recent dovish policy tilt while the pound held steady after European leaders extended the deadline for Britain to leave the union.
The U.S. dollar lacked momentum, with its index against six other currencies hovering near a two-week low, as the minutes from the Fed’s last meeting cemented its recent dovish policy stance with no change to rates expected this year. “Some people say the minutes contained few surprises but a close look suggests the Fed is likely to become more dovish as time goes by,” said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank.
He also confirmed the ECB was considering if measures were needed to mitigate the impact on banks of its negative deposit rates as well as the pricing of new cheap two-year loans to banks. Still, the decision did little to boost clarity on exactly how, when, or even if at all, the UK will leave the EU, is keeping the pound in check.
The implied volatilities on the pound’s options plunged, with three-month volatilities falling to 8.325/8.825 percent, a level last seen in late August.
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