-
US Dollar Steadies After Fed's Push Back
The market was gearing up for a June Fed hike and officials and this helped lift the greenback. However, the Fed Governor Jefferson, nominated to be the next vice-chair, pushed back against it. His views are thought to reflect the Fed's leadership. Philadelphia Fed's Harker, who is a voting member of the FOMC also backed a pause. This is not quite what we expected when we suggested the US interest rate adjustment was complete or nearly so. Still, it broke the dollar's upside momentum, though follow-through dollar selling today has been limited. It is narrowly mixed, with the Swiss franc and euro leading G10 with ... (full story)