Dollar firm following sharp rebound as Fed speakers eyed
Federal Reserve policy makers later in the day for clues on the pace of interest rate cuts.
The U.S. currency rebounded strongly overnight from a more than one-year low to the euro and 2 1/2-year trough versus sterling.
While there was no obvious catalyst for the rebound, investors appeared to take a more nuanced view on just how aggressive future U.S. rate reductions would be, with Fed speakers this week not presenting a unified view on the path forward.
On Wednesday, Fed Governor Adriana Kugler said she «strongly supported» the decision to cut rates by half a point earlier this month to kick off the easing cycle, but didn't talk about her preferences for the pace of reductions from here.
Earlier this week, Chicago Fed President Austan Goolsbee said policymakers «can't be behind the curve» if the economy is to have a soft landing. Atlanta Fed President Raphael Bostic said the central bank needn't go on a «mad dash» to lower rates.
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