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Vinvestment of India

Vinvestment of India

U.S. Fed Funds Target Rate

The dollar was on tenterhooks in Asian trading on Wednesday as investors waited anxiously to see what clues the U.S. Federal Reserve would soon reveal on its monetary policy outlook.The U.S. central bank began its two-day monetary policy meeting on Tuesday. With the futures market pricing in more than a 90 percent chance that it would raise interest rates, investors' main focus turned to what its statement would say about the pace of hikes this year.
Against its Japanese counterpart, the greenback edged down 0.1 percent to 114.67, shy of last week's high of 115.51, which was its highest level since Jan. 19 as expectations built for the rate increase.
"I think the dollar might have trouble above the 115 level today, with Japanese exporters still seeking to sell above it ahead of the end of the Japanese fiscal year this month," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.
"Of course, everyone is waiting for the Fed, so we're expecting range-bound trading until we get some clear signals about expectations for the rest of the year," he said.
U.S. inflation data overnight cemented rate hike expectations. U.S. producer prices rose more than expected last month, marking the most robust year-on-year gain in nearly five years.
Sterling nursed its losses after tumbling to an eight-week low of $1.2110 in the previous session, amid worries about a prolonged and painful process of the UK's exit from the European Union.

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