The
dollar pared gains as U.S. stock markets erased advances after China
cut interest rates following Monday’s $2.7 trillion global equity
wipeout.
The
dollar trimmed earlier gains, rising 0.5 percent to 118.98 yen as of
4:09 p.m. in New York, after slumping to 116.18 on Monday, the weakest
since Jan. 16.
The
greenback rose 1.1 percent to $1.1488 per euro, bouncing back after
Europe’s single currency gained 5.4 percent in the previous four days,
the most since March 2009. The Bloomberg Dollar Spot Index rose 0.6
percent to 1,195.07, the biggest gain in seven weeks.
Traders
have increased the probability of the Fed raising rates at its
September meeting to 28 percent, rebounding from as low as 20 percent
Monday. The calculation is based on the assumption that the effective
fed funds rate will average 0.375 percent after the first increase.
Source: Bloomberg
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