The dollar is rising in value against major currencies on statements by Fed officials
The dollar is rising in value in today’s trading on hawkish statements from Federal Reserve officials, Trading Economics reports.
The Fed needs to keep raising the benchmark interest rate until it reaches 5-5.25 percent a year, Atlanta Federal Reserve Bank President Rafael Bostic said the day before. Currently, the Fed rate is at 4.5-4.75%.
Bostick does not expect the Fed to lower the rate in 2023. In his view, the 5-5.25% rate range should be held for much of 2024. The head of the Federal Reserve Bank of Atlanta said that, despite the signals of reduced price pressures in the country, the time has not yet come for the U.S. Central Bank to change course.
Meanwhile, Minneapolis Fed President Neel Kashkari said he has not yet decided on how significant the Fed rate hike should be in March — by 25 or 50 basis points.
The euro fell 0.27% to $1.0639 against $1.0668 last session against the dollar. The dollar rose against Japanese currency by 0.37% to 136.69 yen against 136.19 yen at the end of the previous trading day. The value of the single European currency rose by 0.08% against the yen — to 145.43 yen against 145.31 yen on Wednesday.
The pound declined against the dollar by 0.35% to $1.1987 from $1.2029 on the previous trading day. The euro rose 0.07% to £0.8875 from £0.8869 a day earlier.
The DXY index, which shows the value of the U.S. dollar against six major world currencies, is up 0.2%. The WSJ Dollar indicator, which tracks the dollar’s movement against 16 currencies, is up 0.35%.
Earlier we reported that the current dollar exchange rate does not change much in pairs with the major world currencies.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
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U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
The EU has agreed to reduce energy consumption by 11.7% by 2030
The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.
“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.
Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.
Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.
The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.
Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.
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