Stocks in play: Gold Terra Resource Corp

Reuters

Dollar edges higher as oversized Fed rate hike bets rise

The dollar edged higher on Tuesday, but was below the 20-year high it hit a day earlier, while the euro broke back above parity, as markets priced in super-sized interest rate hikes by the U.S. Federal Reserve and the European Central Bank (ECB). The greenback has been supported by aggressive rate hikes by the Fed in an effort to reel in decades-high inflation, and economic data released on Tuesday gave the central bank no reason to hold back. “This is one critical component of the labor market that will help the Fed justify aggressive rate hikes,” said Edward Moya, senior market analyst at Oanda.

Leave a Reply

Your email address will not be published. Required fields are marked *