Dollar hits new highs for a year, investors expect Fed to withdraw from monetary

[Skypiea]

Dollar hits new highs for a year, investors expect Fed to withdraw from monetary easing

The dollar index, which measures the movement of the dollar against the six major currencies in a basket of currencies. Hit the highest level in a year, driven by expectations that the Federal Reserve (Fed) is close to withdrawing monetary easing measures.

The dollar index rose 0.03% to 94.37 after hitting 94.504, its highest level since Sept. 28, while the euro fell 0.65 percent to 128.97 yen and slid 0.24 percent to $1.157. down 0.43% to 111.48 yen.

Investors are expecting the Fed to cut its credit in its quantitative easing (QE) bond-buying program and raise interest rates sooner than expected.

Investors are keeping an eye on Fed Chairman Jerome Powell and US Treasury Secretary Janet Yellen. which will deliver a statement to the House of Representatives Financial Services Commission today. to show a vision about the US economy and emphasized the importance of applying monetary and fiscal policies to stimulate the economy After being affected by the COVID-19 epidemic

Powell and Yellen previously made statements to the Senate Banking Committee on Tuesday. by stating that The spread of the covid-19 virus Delta species has slowed the recovery of the US economy. And the US will face high inflation for a longer time than expected.

Markets are also keeping a close eye on the congressional vote on the circumvention law today.

Republican Senate Minority Leader Mitch McConnell predicted the Senate would approve the interim budget bill. To support US federal agencies to budget until Dec. 3 and avoid the closure of these agencies.

McConnell's remarks signaled that Republicans would cooperate with Democrats in pushing for the bill in today's resolution.

Mr McConnell's statement was consistent with the remarks from Democratic Senate Majority Leader Chuck Schumer. which declares that Senators have reached an agreement for the passage of the bill.

“We were able to quickly approve the bill. and send it to the House of Representatives to reach the President's table before the end of the fiscal year at midnight tonight," Schumer said.

The bill needs the support of all 100 senators.

However, this bill does not include raising the US debt ceiling. The Democrats and Republicans will have discussions after this.