Dollar Holds on to Gains After Rallying on Rate Hikes

[Epoch-Times-Bot]

Dollar Holds on to Gains After Rallying on Rate Hikes

LONDON/TOKYO—The dollar was little changed on Friday after jumping in the previous session, as traders analyzed a raft of central bank rate hikes and grappled with the prospect that borrowing costs still have a way to climb.
The euro was flat against the dollar in early European trading at $1.063. That followed a 0.5 percent fall on Thursday after the European Central Bank (ECB) raised interest rates and signaled it was far from finished, raising fears about the potential damage to the global economy and sending investors towards the safe-haven greenback.
A day earlier, Federal Reserve Chair Jerome Powell said policymakers expected U.S. rates to rise further and stay elevated for longer. The “hawkish” rhetoric of central banks has caused traders to reconsider their bets that the pain from rising interest rates might soon be over, triggering a sell-off in global stocks and European bonds on Thursday and Friday....

Source: Dollar Holds on to Gains After Rallying on Rate Hikes

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