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Dollar girded by bets on a US hiking cycle
SINGAPORE: The dollar was hanging on to recent gains on Wednesday and trading near multi-week highs on a handful of major peers ahead of a Federal Reserve decision where traders expect the first of what could be several US interest rate hikes. “A 25 basis-point increase is about 90% priced, implying the dollar will receive a modest boost if the Fed increases,” said Carol Kong, currency strategist at the Commonwealth Bank of Australia in Sydney. “There is a small chance the dollar eases if the (Fed) hikes but (chair Kevin) Warsh plays down the risk of follow-up hikes in the press conference....
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