Dollar surges as Federal Reserve bullish on rate hike in June
Markets had dismissed a June rate hike as a 5 percent possibility just last week, but rate derivatives indicated that chance jumped to about 34 percent after the minutes were released.
Short-term Treasury bond yields surged and the dollar jumped 0.8 percent to $1.1218 against the euro, and 1.0 percent to 110.20 yen.
"The release was significantly more hawkish than many had expected, notably stressing that a June interest rate hike would be likely if economic growth data continued to progress as expected," James Chen of Forex.com said.
The British pound meanwhile continued its climb, rising 1.1 percent on the dollar before the Fed report and then giving back only a little to end the day up 0.9 percent at $1.4599.
- TikToker Dolly's bail plea in forest fire case dismissed by Islamabad ...06:09 PM | 27 May, 2022
- Tecno wins fastest growing brand of the Year Award 202105:19 PM | 27 May, 2022
- PM Shehbaz Sharif to address the nation tonight05:04 PM | 27 May, 2022
- Saba Qamar talks about shooting bold scenes with co-actors04:49 PM | 27 May, 2022
- Five best Pakistani YouTube channels that would make your Ramadan ...12:24 PM | 15 Apr, 2022
- Where does Pakistan stand in most powerful passport list in 2022? ...08:37 PM | 5 Apr, 2022
- International Women's Day - Pakistani women who made a mark globally!09:55 PM | 8 Mar, 2022
- ‘Hybrid regime’: Pakistan among worst nations on EIU's Democracy ...01:22 PM | 12 Feb, 2022