By Rae Wee SINGAPORE (Reuters) - A buoyant dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near ...
Connor Bedard - toe drag release | SaltWireSINGAPORE - A buoyant dollar pushed the yen to a 10-month trough on Thursday and kept the euro and sterling pinned near three-month lows, as investors placed their faith in a still-resilient U.S. economy even amid a dour global growth outlook.
The stronger-than-expected data pushed the euro to its lowest since June at $1.0703 on Wednesday, with the single currency last 0.03% lower at $1.0723. U.S. economic growth was"modest" in recent weeks, job growth was"subdued," and inflation slowed in most parts of the country, the Federal Reserve report published on Wednesday showed.
Conversely, Bank of England Governor Andrew Bailey said on Wednesday that the central bank is"much nearer" to the end of its rate-hike cycle, though borrowing costs might still have further to rise because of stubborn inflation pressures. "As for the ECB, what we're noticing is that there's a real divergence happening between various ECB members, and that to me is suggesting that at most you get one more rate hike out of the ECB."In Japan, traders continued to be on intervention watch as a fragile yen struggled to make headway against the dollar even as officials step up their warnings against a sell-off in the yen.
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