The Euro has fallen for 10 straight weeks as the Prospect of Higher, Longer US borrowing costs puts the Dollar way out in front
steadied against a broadly stronger United States Dollar in Tuesday’s Asian and European trading sessions. But the currency is like all other majors struggling with the prospect that the Federal Reserve could yet raise borrowing costs at least one more time this cycle in the face of stubbornMinneapolis Fed Governor Neel Kashkari said in a speech latte in the global day that he expects rates to go up again this year.
“If the economy is fundamentally much stronger than we realized, on the margin that would tell me rates probably have to go a little bit higher and then be held for longer to cool things off,” he reportedly told those attending an event at the University of Pennsylvania’s Wharton School.was already supported by the thesis that interest rates will likely remain at what by recent historical standards are extremely elevated levels.
For now that sentiment is so strong that the not-inconsiderable detail of a possible Federal Government shutdown can’t tarnish it. Euro bulls may be hopeful that a change there can bring the single currency some fundamental support against the Dollar, but there’s very little sign of that so far. The Euro’s problem is that the market believes the Dollar’s home economy is simply better placed to continue to power ahead despite tighterAnother Fed Hawk On Tap Tuesday
It’s problems could increase this session with Fed Governor Michelle Bowman scheduled to speak later. She’s already on traders’ hawk-watch list. Indeed, as recently as last Friday she said she expected that another rate rise will likely be appropriate and that, thereafter, rates will have to be held at ‘restrictive’ levels for some time.Wednesday’s session will bring some possible Euro-moving news in the shape of German consumer confidence numbers from market research giant GfK.
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