© Archyde.com. US dollar banknotes in a photo from Archyde.com archive.
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SINGAPORE (Archyde.com) – The dollar struggled to rally on Thursday even though policymakers at the US Federal Reserve reaffirmed their commitment to fighting inflation, while the Australian dollar jumped after China eased restrictions on coal imports from Australia.
The minutes of the Federal Reserve’s December monetary policy meeting, released last night, showed that officials agreed that the US central bank should slow the pace of large interest rate hikes, but remained focused on curbing inflation and worried about any “misperception” in the matter. Financial markets are waning their commitment to it.
But this failed to give a boost to the US currency, which fell 1.4 percent against the Canadian dollar overnight.
In the latest trading, the pound settled at $ 1.2062, after rising 0.76 percent against the US currency in the previous session. It rose 0.19% to $1.0624, following gains of more than 0.5% overnight.
“From the Fed’s point of view, it’s too early to think about rate cuts in 2023, which is clearly what the market still expects,” said Ray Attrell, head of foreign exchange strategy at the National Australia Bank.
Against a basket of currencies, the American fell 0.14 percent to 104.06, after falling 0.5 percent on Wednesday.
The Australian dollar jumped 1.7% overnight on news that China’s planner had allowed three central government-backed utilities and the largest steelmaker to resume coal imports from Australia, the first such move since Beijing imposed an informal ban on coal trade with Canberra in 2018. 2020.
The Australian dollar was stable in its latest trading at $ 0.6835, while its New Zealand counterpart rose 0.11 percent to $ 0.6298, after it increased 0.7 percent in the previous session.
“Obviously the Australian dollar has benefited from the coal story,” Atrell said.
It rose 0.5% to 131.97 per dollar on Thursday, after declining 1.2% overnight, as dealers bet the Bank of Japan may soon give up its controversial control of the yield curve.
(Prepared by Doaa Muhammad for the Arabic Bulletin)