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Dollar hits 11-week high as Fed rate cut bets recede

World News

05-02-2024 | 11:17

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Dollar hits 11-week high as Fed rate cut bets recede

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The dollar rose to its highest in almost three months against other major currencies on Monday as traders clawed back bets for aggressive rate cuts by the Federal Reserve this year.

The Fed repricing has followed Friday's blockbuster US jobs report that far exceeded market expectations and sent US bond yields soaring, boosting the country's currency.

Treasury yields rose further on Monday after Fed Chair Jerome Powell said over the weekend that the central bank could "give it some time" before cutting interest rates.

The dollar index , which tracks the greenback against six other major currencies, rose to 104.3, its highest since Nov. 17, It was last up 0.21 percent at 104.27.

The two-year Treasury yield was last up 6 basis points at 4.433 percent, after jumping 18 bps on Friday.

The euro fell to its lowest since Dec. 11 at $1.0747 and was last down 0.36percent at $1.0752.

In an interview with the CBS news show "60 Minutes" that aired on Sunday night and was conducted on Thursday, Powell said the Fed could be patient in deciding when to cut its benchmark interest rate.

"The prudent thing to do is... to just give it some time and see that the data confirm that inflation is moving down to 2 percent in a sustainable way," Powell said.

Charu Chanana, head of FX strategy at Saxo Bank, said: "Reasons for a bullish USD trend continue to multiply... and now markets having to seriously reassess Powell's pushback to March rate cut pricing."

Japan's yen fell to its lowest since early December in early Asia trade at 148.82 per dollar, before steadying to stand at 148.36.

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