Dollar climbs over hints on early Fed taper

19.08.2021 - Evdokimov Roman
Dollar climbs over hints on early Fed taper

The dollar touched a nine-month high versus other major currencies in early European trade on Thursday. This came as the Federal Reserve hinted on reducing its monetary support this year.

The Dollar Index that measures the greenback against other counterparts jumped 0.4% to 93.460 at 2:55 AM ET (0755 GMT). It placed marginally lower than 93.517 marked earlier, the highest since early November.

The EUR/USD pair dropped 0.3% to 1.1675, while the GBP/USD pair was also down 0.4% to 1.3708

The AUD/USD pair shed 0.6% to 0.7188.

Fed officials expressed the possibility of cutting its bond-buying stimulus this year should the economy improved as expected. However, the central bank’s condition of seeing substantial progress in employment had yet to be fulfilled.

The weekly initial jobless claims data due today should reflect a slowly recovering U.S. labor market.

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