Currency update

Category:-Metal | 28-Sep-2022 09:07 AM

The dollar made little progress in a choppy session on Tuesday while appetites for riskier bets were still weak as Federal Reserve policymakers talked about more interest rate hikes.

The greenback was up against the euro but losing ground against the British pound and Japan’s yen with all eyes on central banks and the impact on economic growth from their efforts to tame inflation.

Sterling, after earlier climbing more than 1% to $1.0837, was last up 0.37%. It had plunged to a record low on Monday. The euro was down 0.16% against the dollar at $0.9591, and the dollar up 0.06% against the yen at 144.83. It didn’t help that Wall Street indexes were also having a volatile session.

Minneapolis Federal Reserve Bank President Neel Kashkari said in a WSJ Live interview Tuesday that the Fed needs to keep tightening until it has evidence underlying inflation is heading down, then should pause and “let the tightening work its way through the economy” to see if it has done enough.

Follow Us