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The U.S. dollar strengthened in early Asian trading Thursday ahead of interest rate announcements from the European Central Bank (ECB) and Bank of England, both widely expected to keep rates unchanged.
The dollar index, tracking the currency against six major peers, rose 0.2% to 96.671 after approaching a two-week high earlier. The euro traded at $1.1800 ahead of the ECB decision, with investors focusing on the post-announcement press conference for guidance on future rate expectations. Sterling was little changed at $1.3650 before the Bank of England’s monetary policy decision.
The dollar reached 156.92 yen as Japan’s election campaign entered its final stage before Sunday’s vote. U.S. corporate earnings reports also supported the greenback this week.
Federal Reserve Governor Lisa Cook signaled at the start of the Asian session that inflation concerns outweigh labor market weakness, indicating she would not support another rate cut until tariff-driven price pressures ease. CME’s FedWatch Tool shows a 90.6% probability that the Fed will hold rates at its March 18 meeting, unchanged from the previous day.
The dollar fell 0.1% against the offshore Chinese yuan in Hong Kong to 6.9386 following a call between U.S. President Donald Trump and Chinese President Xi Jinping discussing trade, security, and U.S. arms sales to Taiwan.
The Australian dollar rose 0.1% to $0.70045 after trade balance data exceeded expectations, while the New Zealand dollar gained 0.1% to $0.60045. Cryptocurrencies stabilized after recent losses, with Bitcoin up 0.2% at $72,745.23 and Ether rising 1% to $2,146.63.
Reuters