US dollar got some support from optimistic Federal Reserve message

Posted 01 February, 2018

The US dollar has slightly rebounded vs the majors on February 1 amid an optimistic statement by US Federal Reserve.

The greenback improved positions after the Federal Reserve expressed its confidence in economic and inflation growth, which enhanced forecasts for gradual interest rate lifting this year.

Traders are waiting for the economic reports: non-farm payrolls, manufacturing ISM and average hourly salary, which are believed to impact dollar positions.

After the meeting, the Federal Reserve has left interest rate unchanged stating that the inflation is likely to gather pace this year, which supports expected a further upturn in loans under new Head of US central bank, Jerome Powell.

Today morning US Dollar index dropped to some 89.09. Earlier, a 3-year bottom was hit at 88.438 last week. In January the index lost 3.2%.

The USD-JPY pair showed slight rebound to 109.29 against a multi-month bottom reached last Friday.

At the same time, euro improved to $1.2443, posting a 3.5% upturn in January on possible normalization of the monetary policy by the European Central Bank this year.

The sterling-to-US dollar rate amounted to $1.4245, with a 5% strengthening over January.

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