Dollar Supported Before Fed Meeting, Brexit Delay In Focus
Monday, 28 October 2019 08:21 WIB | CURRENCIES |DOLLAR

The dollar traded near the highest in more than two months versus the yen on Monday ahead of a U.S. Federal Reserve meeting this week where policymakers are expected to cut interest rates but emphasise their reluctance to ease policy further.

Sterling edged lower versus the dollar and the euro, with an agreement expected later on Monday to delay Britain™s divorce from the European Union to Jan. 31 after Prime Minister Boris Johnson failed to win approval for his Brexit timetable.

The market focus will shift to the Fed meeting ending Oct. 30 and a Bank of Japan meeting ending Oct. 31. The Fed is expected to cut interest rates for a third time this year, but fixed income analysts say this is largely priced into the market.

The BOJ is leaning toward keeping policy on hold next week, but the decision is a close call as policymakers struggle with threats to the global outlook from the U.S.-China trade war and Brexit.

The dollar traded at 108.72 yen on Monday, close to 108.94 yen, which is the highest since Aug. 1.

The greenback was quoted at $1.1084 per euro, close to its strongest in more than a week.

The dollar index against a basket of six major currencies stood at 97.827, also near its highest in more than a week.

Source : Reuters

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