US Dollar hits one-year high
Key takeaways
- The US central bank held rates steady in a 3.50% to 3.75% range as new chair Kevin Warsh opened his era in charge with a sweeping policy review.
- The Fed funds futures market is fully pricing in a rate hike by October, according to LSEG data, with a strong retail sales reading further adding to hawkish bets.
- The euro fell 0.3% to $1.146, while sterling was down 0.54% at $1.322 , both at their lowest in more than two months.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize HONG KONG, June 18: The US Dollar (USD) rose to its highest in more than a year on Thursday after a hawkish hold from the Federal Reserve triggered bets on rate hikes, while yen weakness drew verbal warnings from Japanese officials.
The US central bank held rates steady in a 3.50% to 3.75% range as new chair Kevin Warsh opened his era in charge with a sweeping policy review. Nearly half of policymakers now expect a hike this year as inflation concerns mount.
The Fed funds futures market is fully pricing in a rate hike by October, according to LSEG data, with a strong retail sales reading further adding to hawkish bets.