Dollar holds steady as investors wait for Fed guidance
LONDON - The dollar was broadly steady on Monday as investors awaited further clues to help chart the path of U.S. interest rates in the wake of cautious comments from Federal Reserve officials, even as inflation showed signs of cooling.
Yet various Fed officials subsequently sounded words of caution about when rates may fall, prompting market pricing to fall just below the 50 bp mark., which tracks the currency against six major peers, was last slightly higher at 104.51. It has fallen around 2% since hitting a more than five-month high in April.
Four Fed speakers, including Atlanta Fed President Raphael Bostic, are due to speak on Monday. Markets will also focus on minutes of the Fed's last meeting due on Wednesday. The Japanese yen was flat at 155.73 per dollar, with traders on alert for signs of government intervention. The currency has moved in tight ranges in the past couple of trading days after a tumultuous start to May in the wake of suspected rounds of currency interventions by Tokyo to prop up the yen.The Australian dollar was flat at $0.6687 but has risen 3.3% this month, amid high Australian inflation.
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