The dollar eased on Thursday after Federal Reserve Chairman Jerome Powell set th...
TOKYO - The dollar eased on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to “act as appropriate” to ensure the world’s biggest economy will be able to sustain a decade-long expansion.
“Chairman Powell sounded dovish on most dimensions. This is slightly surprising given benign trade developments following last month’s G20 meeting and the recent rebound in nonfarm payrolls,” said Michael Swell, co-head of global fixed income portfolio management at Goldman Sachs Asset Management. Money market futures have jumped to price in around a 30% chance that the Fed will cut rates by 50 basis points at its next policy review on July 30-31 - a scenario that had been priced out after Friday’s strong U.S. jobs data.“A rate cut in July is completely sealed now. But on the other hand, Powell dropped little hint on what he would do after that, as he sounded quite optimistic on the economy,” said Kyosuke Suzuki, director of forex at Societe Generale.
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