October 09, 2024 at 06:16AM
Dollar holds steady ahead of Fed minutes, kiwi drops after sharp rate cut
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The U.S. dollar remained stable ahead of the release of the Federal Reserve’s September meeting minutes, while the New Zealand dollar dropped to a near two-month low following a 50 basis-point rate cut by the Reserve Bank of New Zealand.
Investors are reassessing U.S. rate cut expectations following a strong jobs report last week, with about an 85% chance of a quarter-point reduction now priced in.
Meanwhile, the yen held steady after recent volatility, and the Australian dollar stayed near recent lows amid dovish signals from the central bank.
Thursday’s U.S. Consumer Price Index report will be crucial for sustaining the dollar’s momentum.
This article was written by Ryan Paisey at www.forexlive.com.
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