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Federal Reserve (Fed) Bank of Cleveland President Beth Hammack said late Thursday that keeping the Fed policy restrictive will help bring inflation down.Key quotesKeeping the Fed policy restrictive will help bring inflation down.My contacts suggest that the job market remains in a low-hiring, low-firing environment.I do not believe the current economic data warrants an interest rate hike.The economy has been resilient in the face of uncertainty.Job market has softened of late but has been around full employment.Expects economy will pick up next year after soft 4Q.Expects economy ‘to do well’ next year.Tariffs are driving up inflation but impact will fade next…

The Bank of England kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increases the chances of a December move after the government’s budget later this month. Mindful of Britain’s still-high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank’s benchmark Bank Rate at 4.0%, the BoE said. Most economists polled by Reuters last week had predicted a 6-3 decision by the MPC to leave Bank Rate unchanged.The MPC saw a bigger risk of weaker demand in the…

GBP/USD recovers some ground but trades off daily highs as the Bank of England (BoE) held rates unchanged on Thursday, on a ‘dovish’ hold as the vote split hints that the December meeting is open. The pair trades at 1.3080, up 0.26%.Sterling trims gains as Bailey warns rate cuts will be gradual and data-dependentThe BoE kept the Bank Rate at 4% on a 5-4 vote split on Thursday. The four dissenters who wanted a 25-basis-point rate cut were: Dhingra, Taylor, Ramsden and, surprisingly, Breeden. BoE Governor Andrew Bailey welcomed the September inflation figure, which held steady, but warned that it…

The AUD/USD pair edges higher to near 0.6505 during the European trading session on Thursday. The Aussie pair ticks up as the US Dollar (USD) extends its correction amid rising United States (US) economic concerns due to the ongoing federal shutdown.At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.18% lower to near 100.00. The USD Index faced selling pressure on Wednesday after posting a fresh over five-month high near 100.35. US Dollar Price Today The table below shows the percentage change of US Dollar (USD) against listed major currencies…

The rupee appreciated 10 paise to 88.60 against the US dollar (provisional) on Thursday, supported by a weak American currency against major rivals overseas. Subdued sentiment in domestic equity markets and continued outflow of foreign capital prevented a sharp gain in the Indian currency, forex traders said. At the interbank foreign exchange, the rupee opened at 88.51 and touched the intraday high of 88.49 against the greenback. The unit also hit the intra-day low of 88.66 before ending the session at 88.60 (provisional) against the dollar, up 10 paise from its previous closing level. The domestic unit had settled with…

The Indian rupee closed little changed on Thursday, wedged between persistent dollar demand from importers and positive cues from gains in Asian peers as appetite for riskier assets recovered. The rupee closed at 88.6125 against the U.S. dollar, nearly flat from its close of 88.6550 in the previous session. Asian currencies were mostly higher between 0.1% to 0.3%.Despite the positive regional cues, the rupee shuffled in a narrow band as expectations of gradual depreciation continued to spur dollar demand from importers while state-run banks were spotted offering dollars intermittently, traders said. The rupee appears to be “settling into a 88.50-88.80…

The Indian Rupee (INR) surrenders its early gains and turns flat against the US Dollar (USD) during afternoon trading hours in India on Thursday.The USD/INR flattens around 88.75 as the Indian Rupee struggles despite hopes that the Reserve Bank of India (RBI) will continue to intervene in both local spot and offshore markets to support the currency from extending its losses against the US Dollar beyond the all-time high around 89.10.A report from Reuters showed that the RBI intervened on Tuesday, both in the NDF market before the local open and in the onshore spot market, reinforcing its intent to…

The dollar held just below multi-month highs on Thursday, with a recovery in appetite for riskier assets pulling it off recent peaks, while sterling was pinned down ahead of a Bank of England meeting where investors anticipate a dovish tone. At $1.1505 against the euro, the dollar hasn’t budged a great deal during the Asia day, although it was a fraction weaker than Tuesday’s three-month high of $1.1469. Sterling was mostly steady at $1.3065 ahead of a 1200 GMT rates decision, having edged up from a seven-month low of $1.3011 overnight.Investors see a roughly 40% chance the BoE will cut…

Rupee had settled with a gain of 7 paise at 88.70 against the dollar on Tuesday. | Photo Credit: PRIYANSHU SINGH The rupee appreciated 8 paise to 88.62 against the US dollar in early trade on Thursday amid a weak American currency and lower level of crude oil prices overseas.Positive sentiment in domestic equity markets also supported the Indian currency even though selling pressure from foreign investors prevented a sharp gain, forex traders said.At the interbank foreign exchange, the rupee opened at 88.51 and went up to 88.49 before trading at 88.62 against the greenback in early deals, up 8…

The Japanese Yen (JPY) remains on the front foot against its American counterpart through the Asian session on Thursday and reverses a part of the previous day’s retracement slide from the weekly high. Minutes of the Bank of Japan’s (BoJ) September meeting, released on Wednesday, kept hopes alive for an imminent interest rate hike. This comes on top of speculation that Japanese authorities might intervene to stem further weakness in the domestic currency, offering some support to the JPY.Meanwhile, investors remain uncertain about the timing of the next BoJ move amid expectations that Japan’s new Prime Minister Sanae Takaichi will…