The dollar held firm in Asia on Friday on expectations Federal Reserve Chairman ...
TOKYO - The dollar held firm in Asia on Friday on expectations Federal Reserve Chairman Jerome Powell will, in a pivotal speech, stick with his message that the U.S. central bank has not entered a prolonged monetary easing cycle.
Currency markets have in recent months been driven by global central banks’ shift to much more accommodative policy settings as economic demand slows and trade disputes intensify. “The rates market is well ahead of the Fed in pricing in aggressive rate cuts, but Powell may not be as dovish as the market is pricing in,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.
Philadelphia Federal Reserve Bank President Patrick Harker and Kansas City Federal Reserve Bank President Esther George both said on Thursday they saw no immediate need to cut rates.
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