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January 14, 2021SharePrint Dovish Fed Governors cap dollar’s gains A plethora of Federal Reserve Governors, notably Harker, Brainard and Clarida, along with some successful bond auctions, managed to cap the rise in US yields overnight, with the 10-year now over ten basis points off its recent highs. Harker said that the Fed would basically keep rates lower for longer. Brainard, always an uber-dove, said much the same and added that the Fed could increase bond purchases if necessary. Clarida noted that when the Fed does raise rates, they will only have to raise them slightly to reach a neutral policy stance. He added that the Fed would like to see one year of two per cent inflation before tightening. Despite the dovish chorus emanating from the Fed, the dollar finished the overnight session stronger. The dollar index rose 0.30% to 90.35 and has climbed to 90.40 this morning. That leaves the index mid-range with critical levels being 90.00 and 91.00. ....
1/12/2021 8:37:49 AM GMT | By FXStreet Team At the time of writing, USD/IDR trades at 14,177, down -0.40% on a daily basis, having retreated from three-week highs of 14,207. Economists at Mizuho Bank believe the Indonesian rupiah is forecast to remain strong against the US dollar in January as a most-likely scenario. Key quotes “The situation concerning the covid crisis remains pessimistic in Indonesia, which has recorded the worst mortality rates in Southeast Asia, while large-scale distancing protocols in Jakarta remain in place. It is likely that the pandemic will continue impacting the domestic economy of Indonesia. Due to this situation, imports have been recording negative year-on-year growth. On the other hand, the November exports turned out to be $2.6 B, recording remarkably positive year-on-year growth. While the trade surplus remains high in Indonesia, it is understandable that the Indonesia rupiah remain ....
Higher US yields boost dollar January 11, 2021SharePrint The US dollar continues to squeeze higher Rising US yields saw the US dollar continue to squeeze higher on Friday, with the dollar index rising 0.30% to 90.10. That theme has continued today, with the dollar index marching another 0.35% higher to 90.40 in Asia. The dollar index has critical resistance at 91.00. A daily close above that level signals that the US dollar short squeeze had the potential to extend much further. The pro-cyclical Australian and New Zealand dollars have both lost 0.65% today and broken technical supports in the process. The AUD/USD has moved through support at 0.7750 to 0.7705 today, signalling further losses to 0.7600 initially. NZD/USD’s fall to 0.7200 broke technical support at 0.7240, signalling further losses to 0.7000. ....