Archive for May, 2016

The dollar climbed to a two-month high against the euro as traders boosted wagers that U.S. interest rates will rise, starting as early as next month.

The greenback strengthened versus most of its major peers after Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday, May 23 that he could see two to three rate increases this year, echoing remarks by the San Francisco Fed Bank’s John Williams.

Futures are indicating for the first time since March a better-than 50 percent chance that the Federal Open Market Committee will raise rates by its July meeting.

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The pound rallied the most in three weeks after a poll of UK voters released on Monday showed people who support a campaign to remain in the European Union exceeded those saying they will vote to leave by a wider margin than last month.

Sterling rose against most of its 16 major peers after the ORB/Telegraph poll showed 55 percent of respondents were in favour of remaining in the European Union, while 40 percent wanted to leave.

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The Philippine peso rose the most in six weeks against the dollar as Rodrigo Duterte sought to ease investor concerns after claiming victory in the nation’s presidential election.

The currency also strengthened versus all of its 10 Asian peers as preliminary results showed Duterte, the tough-talking mayor of Davao city, won about 39 percent of the vote.

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Less than two months after Goldman Sachs Group Inc. softened its short-term euro forecast after a central-bank policy meeting, the bank is doing the same with the yen.

Japan’s currency is likely to strengthen until Bank of Japan Governor Haruhiko Kuroda rolls out or signals additional stimulus measures, analysts led by Robin Brooks, the bank’s chief currency strategist, wrote in a note to clients on Monday.

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