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28 Jan 2022

Dollar Turns Promising as Fed Interest Rate Hikes Loom

Dollar Turns Promising as Fed Interest Rate Hikes Loom

The Index Today

The dollar has turned promising as expectations of Fed-sanctioned interest rate hikes turn strong. The greenback is headed for a bullish outlook poised to hit a record seven-month high on Friday.

Following the conclusion of their two-day meeting on Wednesday, Chair Jerome Powell hinted that the Federal Reserve is prepared to implement as many as five rate hikes this year to counter the growing problem of inflation.

The dollar has edged higher by 2% on the Australian and New Zealand dollars, while surging by 1.7% against the euro.

Ray Attrill, Head of FX Strategy at Bank of Australia, says, "So much for all those analysts rushing to conclude that the dollar rally was done, following the early-year divergence between [rising] U.S. interest rates and the [falling] dollar."

©Photo: Financial Times