The dollar steadied against riskier currencies and the safe-haven yen hit a one-month high on Thursday, as the U.S. Federal Reserve's dour economic outlook spooked investors.
rose marginally to 106.90, its highest since mid May. Though the euro - which hit a three month peak overnight - held firm, pointing to the possibility of more downside to come for the dollar once the dust settles.Fed policymakers projected the U.S. economy to shrink 6.5% this year and the unemployment rate to be 9.3% at year’s end.“We can use our tools to support the labour market and the economy, and we can use them until we fully recover,” he said.
“That’s been the follow-through, and it’s played into a broad rebound in the dollar,” said Rodrigo Catril, FX analyst at National Australia Bank in Sydney. Neither Powell nor the Fed’s statement brooked any suggestion that the central bank’s massive liquidity injections would be waning any time soon, with the statement promising bond buying to continue “at least at the current pace”.
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