News Column

Dollar Holds Recent Gains Ahead Of Central Bank Meetings

August 4, 2014

WASHINGTON (Alliance News) - The dollar was little changed in quiet dealing Monday, ahead of some crucial central bank meetings later in the week.

Traders continued to assess a mixed US jobs report that fell a bit short of expectations. Still, the Federal Reserve is on track to end its quantitative easing program, just as the European Central Bank may announce new stimulus measures.

The prospect of ECB easing helped the dollar to its highest in eight months versus the euro last week. The buck was sitting at USD1.34 today, barely budging in the absence of first-tier economic data.

The buck also held its ground versus the yen at Y102.50 and was range-bound near USD1.6850 versus the sterling.

The European Central Bank, Bank of Japan, Bank of England and the central banks of India and Australia all hold policy meetings this week.

There is little consensus about when the ECB might announce stimulus, but most economists expect the Bank of England to signal they will push rates up from their record low 0.5% before the year is out.

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Source: Alliance News

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