Global markets have been focused on what the Fed might do at next week's meeting and thereafter, with central bank data causing some volatility in the dollar.
Global markets have been keenly focused on what the Fed might do at next week's meeting and thereafter, with data and comments from central bank officials causing some volatility in the dollar.— which measures the currency against six major peers — was flat at 104.00, after a shaky few days that saw it rally to a 2½-month peak at 104.70 on the final day of May, only to get knocked back by suggestions by Fed officials that they would skip a rate hike in June.
However, hot employment numbers on Friday saw bets for a July hike ramp up, while the overnight weak services sector outcome has yet again clouded the outlook for rates. The Federal Open Market Committee sets policy on June 14, and markets are now pricing in a 77% chance of the Fed standing still, a sharp jump from a 36% chance a week earlier, according to CME FedWatch tool.
"The soft ISM services PMI was unexpected to say the least," said Tony Sycamore, a market analyst at IG Markets in Sydney. "Services have been a real pocket of resilience." With no major U.S. data for the remainder of the week and Fed officials in a "blackout" period, "it looks to me like the dollar is in a bit of a holding pattern ahead of the FOMC meeting," Sycamore said.The dollar was little changed at 139.55
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