Dollar at two-month high ahead of Fed, Brexit knocks pound lower
Monday, 29 July 2019 23:24 WIB | CURRENCIES |DOLLAR Indeks Dolar

The dollar held near a two-month high on Monday ahead of what is expected to be the first U.S. interest rate cut since the financial crisis, while the rising risk that Britain will exit the European Union without a deal knocked the pound to a 28-month low.

The Federal Reserve is forecast to cut interest rates on Wednesday by 25 basis points. The move would be a so-called insurance cut to protect the U.S. economy from global uncertainties and trade pressures, in contrast to cuts by countries facing more imminent risks.

The dollar index was up 0.11% in mid-morning trade to 98.115. Better-than-expected U.S. GDP data published on Friday had buoyed the index against rivals; the greenback retained those gains on Monday, hitting a fresh two-month top. But the move was relatively muted as traders refrained from placing big bets ahead of the Fed decision. The euro hovered at $1.113 , effectively flat on the day and not far from Thursday™s bottom of $1.110, its lowest since May 2017.

Source : Reuters

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