06/21 Closing Prices / revised 06/21/2024 21:59 GMT |    06/20 OPEC Basket   $85.68  +$0.14 cents 06/21 Mexico Basket (MME)  $76.19  -$0.28  cents | 05/31 Venezuela Basket (Merey)  $70 45   -$4.36 cents | 06/21 NYMEX WTI Texas Intermediate July CLN24 $80.73  -$0.56 cents  | 06/21 ICE Brent August  BRNQ24 $85.24  -$0.47 cents  | 06/21 NYMEX Gasoline July RBN24 $2.51  +0.5%  |  06/21 NYMEX  Heating Oil July  RBN 24   $2.49  -1.3% | 06/21 Natural Gas July NGN24  $2.71   -1.3%  | 06/21 Active U.S. Rig Count (Oil & Gas)   588  -2  | 06/21 USD/MXN Mexican Peso   18.1130 (data live)  | 06/21 EUR/USD   1.0693  (data live)  | 06/25 US/Bs. (Bolivar)   $36.37250000 (data BCV)

U.S. Dollar Index touches six-week high as traders revise Fed rate-hike expectations – MarketWatch

U.S. dollar and Euro bills-AFP
U.S. and Euro bills-AFP

Vivien Lou Chen, MarketWatch

SAN FRANCISCO
Energiesnet.com 02 17 2023

The ICE U.S. Dollar Index touched its highest level since early January on Friday as a stream of strong economic data had traders factoring in a growing chance of a half-a-percentage-point interest rate hike by the Federal Reserve in March.

The index was marginally higher at 103.89 after touching almost 104.67, a level last seen on Jan. 5, based on Refinitiv data. The move comes as rates on 1-month TMUBMUSD01M, 4.601% through 1-year bills TMUBMUSD01Y, 5.049% all moved higher on expectations for continued Fed rate hikes. Meanwhile, the three major stock indexes DJIA, +0.39% SPX, -0.28% finished mostly lower.

The dollar index has fallen from its 20-year high reached in September largely because of improving inflation data, which had investors and traders hopeful that the Fed could back off on the pace of rate hikes. The trouble is that inflation isn’t falling fast enough and the economy is proving to be more resilient than many thought, so traders and investors are updating their expectations for how much higher interest rates could go.

Fed-funds futures reflect a growing possibility that the Fed will need to boost the size of its March 22 rate hike, to a half-of-a-percentage point. Meanwhile, former Treasury Secretary Larry Summers told Bloomberg that he sees a risk that the Fed will need to hit the brakes “very, very hard.”

marketwatch.com 02 17 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top