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Money Transfers to USA: US Dollar Exchange Rate Continues to Make Gains
Published: 27 Jun at 12 PM Tags: Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, UK,
The dollar continues to rally against all the major currencies, up for the sixth straight day in a row following US Federal Reserve Chairman’s Ben Bernanke’s comments at last week’s monthly policy meeting.
The markets now expect the Federal Reserve to start to wind down its bond-buying quantitative Easing programme at the end of this year.
Data out yesterday also supported the rise of the dollar. The US first quarter gross domestic product data showed that US GDP expanded at an annual rate of just 1.8%, down from a previous estimate of 2.4% growth.
The euro remains under pressure, falling to a 3 week low against the US dollar after European Central Bank President Mario Draghi said euro zone monetary policy will stay loose for the foreseeable future.
Meanwhile, the European Union (EU) Economic and Finance Ministers reached an agreement yesterday on a draft establishing a framework for the recovery and resolution of credit institutions and investment firms. Today sees the start of a two-day meeting in which EU ministers also plan to tackle measures to increase access to credit for small and medium-sized enterprises and reduce youth unemployment.
Jeroen Dijsselbloem, the Eurogroup president and Dutch Finance sais “If the banks get into trouble we will now, throughout Europe, have one set of rules on who pays the bill. That's a major shift from the public means, from the taxpayer if you will, back to the financial sector which will now become for a very, very large extent, responsible for dealing with its own problems."
In the UK, outgoing Bank of England Governor Sir Mervyn King said he believes markets have “jumped the gun” on interest rates following the US Federal’s Reserves indication last week that it would begin tapering off bond purchases towards the end of the year.
In his last testimony to the parliamentary Treasury Committee, King said that he felt people responded too soon in relation to when central banks are likely to start raising interest rates.
King hands over the reins as Governor to Mark Carney at the end of the month and clearly continues to feel that there needs to be more economic growth before interest rates can be increased.
During the last week, global stocks retreated sharply on weak Chinese economic data and the Bernanke comments of last week.
The markets now expect the Federal Reserve to start to wind down its bond-buying quantitative Easing programme at the end of this year.
Data out yesterday also supported the rise of the dollar. The US first quarter gross domestic product data showed that US GDP expanded at an annual rate of just 1.8%, down from a previous estimate of 2.4% growth.
The euro remains under pressure, falling to a 3 week low against the US dollar after European Central Bank President Mario Draghi said euro zone monetary policy will stay loose for the foreseeable future.
Meanwhile, the European Union (EU) Economic and Finance Ministers reached an agreement yesterday on a draft establishing a framework for the recovery and resolution of credit institutions and investment firms. Today sees the start of a two-day meeting in which EU ministers also plan to tackle measures to increase access to credit for small and medium-sized enterprises and reduce youth unemployment.
Jeroen Dijsselbloem, the Eurogroup president and Dutch Finance sais “If the banks get into trouble we will now, throughout Europe, have one set of rules on who pays the bill. That's a major shift from the public means, from the taxpayer if you will, back to the financial sector which will now become for a very, very large extent, responsible for dealing with its own problems."
In the UK, outgoing Bank of England Governor Sir Mervyn King said he believes markets have “jumped the gun” on interest rates following the US Federal’s Reserves indication last week that it would begin tapering off bond purchases towards the end of the year.
In his last testimony to the parliamentary Treasury Committee, King said that he felt people responded too soon in relation to when central banks are likely to start raising interest rates.
King hands over the reins as Governor to Mark Carney at the end of the month and clearly continues to feel that there needs to be more economic growth before interest rates can be increased.
During the last week, global stocks retreated sharply on weak Chinese economic data and the Bernanke comments of last week.
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Source: moneytransfer.co.uk