Posted by on October 14, 2021 12:01 pm
Categories: Breaking News Epoch Times News

Dollar Falls to 10-Day Low as Rally Pauses; Riskier Currencies Rebound

LONDON—The dollar edged down against major peers on Thursday, reaching its lowest level in 10 days in a pullback from its recent rally, while the Australian and New Zealand dollars rose. Expectations that the U.S. Federal Reserve would tighten monetary policy more quickly than previously expected have helped the dollar rise since early September. But its ascent has recently eased and on Thursday it was on track for its second biggest two-day drop so far this year, even after minutes of the Fed’s September meeting confirmed tapering of stimulus is likely to start this year. “It seems to be a classic case of buy the rumour, sell the fact type mentality,” said Neil Jones, head of FX sales at Mizuho. “The Fed confirmed the expectations of many investors, I would suggest, holding long dollar positions.” “It’s just been a situation of liquidating dollar longs—profit-taking of long dollar positions because (Fed …

Originally appeared on The Epoch Times

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