The dollar climbed to a 14-month high on speculation financial markets are underestimating the pace of U.S. interest-rate increases and investors sought a refuge before a vote on Scottish independence this month.
The pound slumped the most since July 2013 against the dollar after a poll said Scottish independence supporters gained on opponents before a Sept. 18 vote. The euro declined after dropping for an eighth week Sept. 5 in the longest losing stretch in its 15-year history, and South Africa’s rand fell to a one-month low. The yen reached the weakest level since 2008 as data added to signs Japan’s economy is losing momentum.
“The Fed papers that came out today suggest the market perhaps has lower expectations” of the rate-increase pace than the central bank does, said Jennifer Vail, head of fixed income at U.S. Bank Wealth Management in Minneapolis. “The dollar is getting strength as probability increases on Scotland independence. The U.K. may run into some economic uncertainties.”
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.