The dollar climbed versus the euro and yen as bond yields rose before the Federal Reserve’s interest-rate decision Wednesday.
The greenback gained
as U.S. two-year yields reached the highest level since May 2010 after a
report showed core inflation rose in November for a third month. A
measure of price swings in the foreign-exchange market accelerated to
close to the most this month.
With futures contracts
showing a 78 percent likelihood that the U.S. will raise its benchmark
from near zero on Wednesday, traders are looking past the first increase
and contemplating a landscape of relatively low borrowing costs for
years to come. A gauge of the dollar has surged 8 percent in the past
year in anticipation of the Fed raising rates in contrast with
counterparts in Europe and Japan who are carrying out unprecedented
stimulus.
The dollar added 0.7
percent to $1.0913 per euro as of 2:02 p.m. New York time, after
dropping as much as 0.6 percent. The currency gained 0.6 percent to
121.77 yen.
Source : Bloomberg
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