Dollar rises toward 16-month high after hawkish Fed guidance
Friday, 9 November 2018 16:49 WIB | CURRENCIES |DOLLARDolar AS

The dollar rose towards a 16-month high on Friday after the U.S. Federal Reserve kept interest rates steady and reaffirmed its monetary tightening stance, cueing up investors for a rate hike in December.

The greenback fell sharply following U.S. midterm elections on Tuesday on expectations that the outcome of the vote would make further fiscal stimulus measures unlikely.

But the dollar bounced back and on Friday returned to outperforming most major currencies, underpinned by the robust U.S. economy and rising interest rates.

The Fed is widely expected to raise interest rates in December, which would be its fourth hike this year.

Renewed strength in the dollar - which tends to appreciate from trade war tensions by acting as a safe haven - is pushing the Chinese yuan towards 7 per dollar CNH=D3 and has seen the euro slip towards $1.13.

In Japan, where interest rates are seen staying extremely low, the yen JPY=D3 is near a five-week low against the dollar and has fallen 2.2 percent over the last 10 trading sessions.

On Friday, though, the yen reversed course to trade up 0.2 percent at 111.86.

The dollar index, a gauge of its performance against six major peers, traded at a one-week high at 96.89, not far from a 16-month high of 97.2 brushed on Oct 31.

The euro traded at $1.1343, losing 0.2 percent after falling sharply on Thursday.

The pound changed hands at $1.3015, down 0.4 percent.

The Australian dollar lost 0.2 percent to trade at $0.7241. It tends to struggle when sentiment towards China - Australia's largest trade partner - weakens.

Source: Reuters

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