Forex
U.S. dollar index returns to growth
The U.S. dollar index rebounded from an eight-month low on Monday ahead of central bank meetings this week, though its rise was limited by a dovish reassessment of expectations of a rate hike by the U.S. Federal Reserve compared with more hawkish banks, Reuters wrote. The U.S. dollar index rose 0.03% to 101.92 after hitting an eight-month low of 101.50 last week.
The dollar index today, meanwhile, is on track for a fourth straight monthly loss of more than 1.5% under pressure from expectations that the Fed is poised to suspend its rate hike cycle and that rates will not rise further as high as previously feared. The pound rose 0.04% to $1.2405 and the euro rose 0.06% to $1.0874.
But their gains were subdued ahead of policy meetings by the Fed and the European Central Bank and the Bank of England later this week. According to Rodrigo Catril, currency strategist at National Australia Bank (OTC:NABZY) (NAB), the market is still trying to assess how central banks will behave.
The Fed is expected to raise rates by 25 basis points, down from last year’s 50 basis point and 75 basis point increases, and the Bank of England and the ECB are likely to raise rates by 50 basis points each. The euro, which is close to a monthly gain of nearly 1.5%, received support from the ECB’s continued hawkish rhetoric and easing fears of a deep recession in the eurozone. The New Zealand dollar fell 0.05% to $0.6491 and the yen jumped nearly 0.2% to $129.62 per $1.
Earlier we reported that traders were raising bets on the decline of the Hong Kong dollar.
U.S. stock index futures are rising Thursday, trading data showed. Markets are assessing the outcome of the U.S. Federal Reserve (Fed) meeting.
The Dow Jones Industrial Average (DJIA) futures rose 0.22% to 32,329 points, the NASDAQ high-tech index rose 0.96% to 12,828.5 points and the S&P 500 broad market index rose 0.48% to 3,989.75 points.
The Fed on Wednesday expectedly raised its benchmark rate by 25 basis points to 4.75-5% per year. The regulator noted that it does not expect the rate reduction this year, but allows it next year. U.S. exchanges were down 1.6% in Wednesday trading.
According to the CME Group, 55.8% of analysts now expect the Fed’s discount rate to remain unchanged in May, while 44.2% expect it to rise another 25 basis points. Thus, markets concede that the Fed may interrupt the cycle of hikes that began last March.
At the same time, shares of cryptocurrency exchange Coinbase were down 10.6% in pre-bid trading. The exchange this week received notice from U.S. authorities of an impending charge of violating laws.
Later in the trading, statistics on initial jobless claims in the U.S. for the week through March 18 will be released. Analysts forecast that the figure would increase by 5 thousand to 197 thousand applications.
Earlier we reported that the US budget deficit was $262bn in February.
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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.
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