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refi rates
The Dollar Inches Lower
By David McMahon TOKYO (Reuters) - The dollar inched lower on Thursday as dealers worried about whether the currency could sustain a two-month rebound, even after the Federal Reserve reiterated its commitment to raising interest
rates. The dollar had hit a six-week high against the euro on Wednesday after South Korea and Japan's central banks reassured investors they would not sell dollars to diversify their assets. Minutes from the Fed's Feb. 1-2 meeting, released on Wednesday, had also supported the dollar by reiterating the Fed would raise
rates at a measured pace, but could move faster if inflation risks increased. Dealers said, however, that the dollar had failed to sustain its gains as many traders were still wary about calling an end to the currency's three-year downtrend despite its rise over the past two months. "After the dollar's recent rebound people are still unsure whether deficit worries will return to the fore, or whether they should focus on rising U.S. interest
rates," said Ko Haruki, head of institutional forex sales at HSBC in Tokyo. "Until we get some strong data on the (U.S.) economy, the dollar will probably gradually drift lower," he said. The dollar has clawed back from heavy losses to gain over two percent against the euro and the yen so far this year, as rising short-term U.S. interest
rates helped to overshadow persistent worries about U.S. deficits. The euro had edged up around 0.2 percent to $1.3240 by 1:40 a.m. EST, but was short of Wednesday's six-week high of around $1.3260 and still well below a record peak of $1.3670 struck in December. The dollar was down 0.1 percent on the day at around 104.75 yen after having risen to 105.12 yen after the Fed minutes were released. "It looks like the possibility that the Fed could accelerate its tightening pace has increased somewhat," said Junya Tanase, a forex strategist at JP Morgan Chase, refering to the minutes. U.S. GDP, JOBS DATA EYED Continued ...
Source: reuters.com