Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egypt adds automotive feeder, non-local industries to list of 28 promising sectors    Egypt, Jordan to activate MOUs in health, industrial zones, SMEs    27 Western countries issue joint call for unimpeded aid access to Gaza    Egypt's Sports Minister unveils national youth and sports strategy for 2025-2032    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dollar falls after Fed minutes dampen September rate hike hopes
Published in Amwal Al Ghad on 20 - 08 - 2015

The U.S. dollar was on the defensive against the euro and yen on Thursday, having pulled back sharply after Federal Reserve meeting minutes suggested policymakers were in no hurry to raise interest rates.
Fed officials widely agreed last month the economy was nearing a point where rates should move higher, but were worried lagging inflation and a weak global economy posed risks too big to commit to "liftoff."
Traders expecting a September rise subsequently sold the dollar, pushing it to a three-week low of 123.68 yen JPY= in overnight trade from a high of 124.47. It was last at 123.935.
The probability of a September hike is now 45 percent from about 50 percent towards the end of July, according to the Chicago Mercantile Exchange's Fedwatch.
The euro climbed to a six-day high of $1.1149 EUR=, while the dollar index was flat at 96.379 .DXY after an overnight loss of 0.7 percent.
"The minutes already reflected concern held by policymakers that inflation was not rising as desired even before the recent financial market turmoil," said Monex senior strategist Masafumi Yamamoto in Tokyo.
"The minutes have not factored in falling oil prices and events in China that have taken centre stage since the meeting in July. It would not be surprising if policymakers are even more dovish now in light of these events."
Investors will be able to gauge policymakers' latest thinking when San Francisco Fed President John Williams speaks in Indonesia later in the global day.
"Williams is a centrist and voter and as he is speaking in Asia, may address concerns around developments in China delaying Fed liftoff," wrote Westpac senior currency strategist Sean Callow in Sydney.
In contrast to the dollar, sterling continued to draw support on firmer expectations the Bank of England would raise rates as early as next year.
Higher-than-expected core inflation in Britain along with outgoing policymaker David Miles saying a rate hike would come "pretty soon" supported the pound.
Cable was steady at $1.5681 GBP=D4 and within reach of a seven-week peak of $1.5717 scaled Tuesday.
The dollar's broad decline cushioned commodity currencies like the Canadian and Australian dollars, which had come under pressure earlier as oil prices plumbed fresh six-and-a-half-year lows and on persistent worries about China's slowing economy.
The Canadian dollar rose to C$1.3109 CAD=D4 per dollar after hitting a low of C$1.3180 overnight.
The Australian dollar rebounded from a one-week low of $0.7312 AUD=D4 to as high as $0.7373, but was cut short by a drop in Chinese stocks.
The Aussie, often used as a liquid proxy of China trades, stood little changed at $0.7347.
It touched a six-year low of $0.7217 last week after China devalued its currency, sharpening concern about the health of the world's second-largest economy.
Source: Reuters


Clic here to read the story from its source.