Dollar gains against peers after Fed leaves rates unchanged
NEW YORK (Reuters) -The dollar strengthened against major peers on Wednesday after the Federal Reserve left U.S. interest rates unchanged, in line with market expectations but rebuffing pressure from President Donald Trump.
The Federal Open Market Committee voted 9-2 to keep its benchmark overnight interest rate steady in the 4.25%-4.50% range for the fifth consecutive meeting.
Both Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller, who were appointed by Trump, dissented, preferring to lower rates by 25 basis points.
In his subsequent press briefing, Fed Chair Jerome Powell said he is expecting a slow process when it comes to understanding how trade tariffs impact inflation.
"The Fed's decision to hold rates steady came as no surprise, though markets took note of two dissenting votes in favor of a cut," said Uto Shinohara, senior investment strategist at Mesirow Currency Management in Chicago.
"The dollar remained well-supported following this morning's stronger data and the Fed announcement, with the market pricing the September meeting as a coin-flip," Shinohara added.
Earlier in the session, data showed that U.S. economic growth rebounded more than expected in the second quarter, expanding by 3% compared with an estimate of 2.4% based on a Reuters poll of economists.
The euro extended losses against the dollar following the Fed's decision and as Powell spoke. It was last down 1% to $1.141775, on track for the fifth straight session of losses and trading at its lowest level since June 11.
The euro is also poised to record its first monthly drop in 2025, following a sharp reaction to a U.S.-European Union trade deal earlier this week.
The dollar index added to its gains after the Fed. It was up 0.96% at 99.82, hitting its highest level since May 29 and on course to post its first month of gains this year.
U.S. Treasury yields were mostly higher. The 2-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 6.6 basis points to 3.941%.
"I think people are reading too much into the GDP numbers; nobody in markets should think GDP was that weak in Q1 and that strong in Q2 even though the big drivers were inventories and net exports," said Steve Englander, head of global G10 FX Research at Standard Chartered in New York.
"I will add the two quarters together and they averaged about 1.5% GDP growth per quarter, which is not a recession but qualifies as mediocre."
Trade agreements struck with Japan last week and the EU over the weekend signalled a renewed U.S. commitment to global engagement, easing investor concerns.
Investors' focus is now on negotiations between China and the U.S. after officials agreed to seek an extension of their 90-day tariff truce. But Trump upped the ante against India and Brazil on Wednesday.
He announced that a 25% tariff on U.S. imports of Indian goods, starting on August 1 and signed an executive order implementing an additional 40% tariff on Brazil, bringing the total tariff amount to 50%.
Data showed on Wednesday that the German economy contracted in the second quarter, while France's economy beat forecasts.
The spotlight will be on comments from BoJ Governor Kazuo Ueda as investors hope the trade deal between Japan and the U.S. paves the way for the central bank to raise rates on Thursday.
The dollar was 0.55% firmer to 149.29 against the yen, after hitting its highest since April 2. Against the Swiss franc, the dollar strengthened 0.82% to 0.81265 francs, reaching its highest since June 23.
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ON BEHALF OF THE COMPANY:Marin Katusa, Chief Executive Officer Tel: 365.607.6095info@ Investor Relationsinvestors@ Mediamedia@ Non-IFRS Accounting Standards Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share The term 'adjusted net income (loss)' in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. 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All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company's Board and management; the impact of the Company's restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company's carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company's existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company's growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company's portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account; the impact of the Company's restructuring strategies; statements regarding implementing the terms of the settlement agreement and the timing thereof, statements with respect to the merits of the counterclaim from Will Solutions Inc.; and statements regarding the Company's intention to strictly enforce its legal and contractual rights under the Amazon Portfolio Royalty. When used in this news release, words such as 'estimates', 'expects', 'plans', 'anticipates', 'will', 'believes', 'intends' 'should', 'could', 'may' and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. 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Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
