The Dollar Was On The Losing End Due To Downbeat Fed Remarks And Persistent North Korea Jitters. The dollar edged down against the yen on Wednesday, getting closer to a recent 4-1/2 month low, pressured by simmering tensions on the Korean peninsula. Adding to pressure on the dollar, Federal Reserve Governor Lael Brainard said on Tuesday that inflation was “well short” of target, so the Fed should be cautious about raising U.S. interest rates.
The Yen Left Most Of Its Counterparts Eating Dust. The Japanese currency was the one safe-haven to rule them all as the franc was previously dragged lower by weaker than expected Swiss GDP while the dollar reacted negatively to Fed officials’ remarks.
The Kiwi Managed To Hold On To Most Of Its Intraday Gains. Even with the presence of risk-off vibes, the higher-yielding Kiwi managed to advance against most of its counterparts likely due to the 0.3% rebound in dairy prices during the GDT auction.
Gold Extends Gains. Gold kept raking in gains and is closing in on its yearly high on safe-haven flows. The precious metal is up 1.09% to $1,344.96 per troy ounce.
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14:00 pm GMT: BOC Interest Rate Decision
