Connect with us

Business

Dollar slides as recent rally takes a pause, may have seen short-term peak

Published

3 years ago

on

Dollar slides as recent rally takes a pause, may have seen short-term peak

The dollar fell on Monday, posting its biggest one-day drop since November, as investors consolidated gains after hitting 1-1/2-year highs on Friday on expectations the Federal Reserve will accelerate the pace of interest rate hikes.

With the Federal Reserve making clear last week that it intends to raise rates as early as its March 15-16 policy meeting, Wall Street banks now expect five to seven rate hikes this year.

Fed funds futures priced in less than five rate hikes in 2022, or about 121 basis points of tightening, late Monday. They also showed a 17% chance of a 50 basis point rate hike in March, down from 32% on Friday.

Advertisement

Atlanta Fed President Raphael Bostic, a non-voter on the Federal Open Market Committee, said in an interview with the Financial Times over the weekend that if inflation remains high , the Fed may extend the rate hike to half a percentage point.

The dollar index fell 0.7% on the day, its best one-day percentage gain in two months. In January, the dollar gained nearly 1%.

“The dollar’s dominance is largely priced in as the Fed now appears poised to raise rates 5-7 times this year,” Edward Moya, senior market analyst at OANDA, wrote in a research note.

He added that the dollar could start to “underperform compared with advanced economies that have become more aggressive in tightening policy.”

Advertisement

Investors are also eyeing Friday’s U.S. nonfarm payrolls data for the Federal Reserve’s positivity in tightening policy. U.S. jobs are expected to increase by 153,000 jobs in January, down from 199,000 in December, with the unemployment rate steady at 3.9 percent, according to a Reuters poll. [EM]

“The dollar appears to have peaked for now, as Friday’s jobs report is expected to show another month of tepid hiring,” said Joe Mannybo, senior market analyst at Western Union Business Solutions in Washington.

The faster pace of rate hikes is also seen as dampening future growth expectations, as is the case in bond markets, where the spread between 2-year and 10-year U.S. Treasury yields fell below 59 basis points for the first time since early November. It is a phenomenon known as “flattening a bear market”. [we/]

Among other currencies, the Australian dollar led gains, rising 1% to $0.7068 ahead of the Reserve Bank of Australia’s policy meeting on Tuesday.

Advertisement

USD/JPY was down 0.2% at 115.045 yen.

The Bank of England will also hold a policy meeting on Thursday, with the Bank of England set to raise interest rates for the second time in less than two months after British inflation rose to its highest level in nearly 30 years, a Reuters poll showed.

Sterling was last up 0.4% at $1.354

The European Central Bank is also meeting on Thursday. While no change in policy is expected, analysts said the imminent Fed rate hike would narrow the ECB’s window for action.

Advertisement

The euro was last up 0.8% at $1.1240, its biggest one-day percentage gain in two months.

Complete News Source : Business Standard

Advertisement
Related Topics:
Continue Reading

Trending

Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

Published

16 hours ago

on

January 21, 2025

By

Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

Advertisement

The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

Advertisement
  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

Advertisement

In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Podcast Platforms – https://anyfm.in

Advertisement
Continue Reading
Anyskill-ads

Facebook

Trending