TOKYO, July 30 — The dollar was mired at a more than two-year low today as the Federal Reserve repeated a pledge to limit damage from the pandemic as surging new coronavirus cases hamper the economy. The Fed’s policy statement released at the close of its two-day meeting directly tied the...
The dollar has been tumbling on expectations that the Fed will continue its ultra loose monetary policy for years to come and on speculation that it will allow inflation to run higher than it has previously indicated before raising interest rates. — Reuters pic
“We think September and November meetings will be more eventful, with the expected to conclude its framework review in September and then amend its forward guidance and possibly adjust its inflation-targeting strategy,” said Mike Swell, head of Global Fixed Income Portfolio Management, Goldman Sachs Asset Management in New York.
The greenback weakness supported the euro at US$1.1792 . The common currency had hit a two-year high of US$1.1807 and is on course to post its biggest monthly gain in 10 years, having risen about 5 per cent so far this month. The US epidemic has intensified since June, with an average of around 65,000 new cases detected each day, putting a brake on the rebound in economic activity and dashing hopes of V-shaped recovery.
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