March 29, 2023

Dubai Week

Complete Dubai News World

The dollar remained stable in anticipation of the results of the US Federal Reserve meeting

The dollar remained stable in anticipation of the results of the US Federal Reserve meeting

The dollar remained flat on Wednesday as investors waited to see if the US Federal Reserve would raise market expectations for next year’s rate hike.

A report on the Council’s policies and economic outlook will be released today.

In an interview with Al-Arabiya, Rat al-Kidr, head of research at the Equity Group, said he expected the outcome of the US Federal Reserve meeting to raise interest rates, but was optimistic about the tendency to raise interest rates to lower levels for the asset purchase program in the future.

The central bank meeting comes amid fears that the rapid spread of the corona virus omigron mutation could derail the economic recovery trajectory.

But expectations of a tightening of US monetary policy have kept the dollar strong in recent weeks, with the slightest movement since reaching 96.938 last month, the highest level since July 2020.

The dollar moved lower as investors waited for the end of the meeting. And settled in the Asian session, recording 96.445, before falling 0.1% with the opening of European markets.

Against the Japanese yen, the US currency was up 0.1% at 113.7.

The euro rose 0.1% to $ 1.127 before the European Central Bank meeting on Thursday, Thursday, as officials are expected to confirm that the bank’s bond-buying program to combat the effects of the corona virus will end next March.

The British pound rose sharply against the dollar in November after data showed that it had risen to its highest level in more than 10 years in November.

The pound was up 0.4% at $ 1.3278.

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The Bank of England is expected to keep interest rates unchanged at its meeting on Thursday due to the spread of the Omigron strain in the UK.

The Australian dollar was up 0.4% at $ 0.71335. The New Zealand dollar was up 0.2% at $ 0.6756.

The cryptocurrency Bitcoin was slightly modified and reported $ 48,509.9, far from its all-time high of $ 69,000 reached on November 1.