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The dollar advanced against the
euro and other leading currencies on Monday (Sep 21) on comments from US
central bankers who continue to eye a 2015 interest rate increase.
James Stanley, currency analyst
at DailyFX, pointed to quotes from Federal Reserve officials, including St.
Louis Fed president James Bullard and Richmond president Jeffrey Lacker, that
contained a "hawkish tint towards the additional Fed meetings on the
calendar for this year."
The Fed left its benchmark
federal funds rate at zero on Thursday, dealing a temporary setback to the
greenback's climb. There are two remaining Fed policy meetings scheduled this
year, in late October and mid-December.
"Overall, the dollar is
strengthening," said Vassili Serebriakov of BNP Paribas. "The market
is reevaluating its position on the Fed."
The euro was under pressure on
expectations the European Central Bank could be preparing additional bond
purchases, known as quantitative easing, to boost the flagging 19-nation
eurozone. The single currency traded at US$1.1195, down from US$1.1299 on
Friday.
Kathy Lien of BK Asset Management
said all eyes will be on ECB President Mario Draghi's testimony to the European
Parliament in Brussels on Wednesday. "If the head of the European Central
Bank confirms that they could boost the quantitative easing program, EUR/USD
could test 1.10," she said.
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