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THE US dollar steadied against most peers but notched new seven-year highs against the pound, hurt by talk from Britain’s central bank governor who reinforced an outlook of low interest rates for a long time yet and moved below 13-year peaks against the Canadian dollar given the loonie’s bearish underlying bias.
THE US dollar traded on bid tone against most pairs in tight ranges into a typically quiet Thanksgiving session along with heightened geopolitical uncertainties and low liquidity. The greenback however failed to react much to stronger revised third-quarter gross domestic product (GDP) of 2.1% against earlier estimate of 1.5%.
THE US dollar strengthened after Federal Reserve chairwoman Janet Yellen argued a case for raising short-term interest rates later this year. Yellen emphasised that Fed will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter. Another voting member, Dennis Lockhart’s remarked that 2015 could still see Fed tightening supported by improving data flows. Diverging monetary policies and worries over global growth prospects also helped to support the strengthening of US dollar.
THE US dollar weakened against broad currencies as the FOMC remained on hold with cautious US data added to the tone. The Fed funds rate was left on hold and the “dot plot” projections were lowered by 25 basis points across the board. However, the Fed is still keen on imminently lifting the fed funds rate, with Yellen specifically mentioning that October was a possibility and that they expected to start hiking this year.