US$ falls as investors reweigh chances of rate hike
London
THE dollar fell against a basket of currencies on Wednesday as investors re-evaluated whether the Federal Reserve will raise interest rates this year, which also sent the higher-yielding Australian dollar to its loftiest level since late April.
The US dollar sagged against the euro and the yen after downbeat productivity data sapped some of the momentum it had gained from last week's robust jobs report. US Treasury yields fell after the productivity report suggested the economy may not be growing as quickly as anticipated, prompting investors to cut long-term inflation expectations. According to CME's Fedwatch, investors have trimmed chances of a rate rise in December 2016.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Binance founder Zhao Changpeng gets 4 months in prison
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst
Amazon’s Twitch starts rival to TikTok in short-form video
Pinterest revenue surges on popularity of shopping push
Tesla axes most of Supercharger team in blow to other automakers
Amazon results beat estimates, revenue forecast misses