USD higher against major rivals
USD was pushed higher against its major rivals on Tuesday. Since there were no major data releases increase was mostly due to the concerns about the Fed’s intention to raise interest rates. The selling actually started on Monday when the stronger dollar pressured the Euro, British Pound and gold.
The catalyst behind the selling pressure was Federal Reserve Bank of Atlanta president Dennis Lockhart. In a speech, he put the decision of the Fed last week to keep rates at near zero on “prudent risk management around recent and current market volatility”.
Mr. Lockhart said while that volatility raised risks to the U.S. economic and inflation outlook, he said, “I am confident the much-used phrase ‘later this year’ is still operative. The statistics office cautioned against reading too much into the increase in borrowing, saying it reflected a drop in self-assessed income tax payments from the large amount paid in July.
Euro is currently being traded around 1.1130 area, Aussie is at 0.7070 level, while Sterling is above 1.5380 area.
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