US dollar jumps after hotter wage data ...Middle East

The US dollar is at the highs of the day following a surprise rise in US first quarter wage data. The Q1 employment cost index was up 1.2% compared to 1.2% expected, in a re-acceleration after months of declines.The data lands as the Fed gets set to begin its two-day meeting in Washington. Market pricing for rate cuts this year fell to 32% basis points from 35.Earlier today, the WSJ's Nick Timiraos published his Fed preview and it says the Fed will signal it has the stomach to keep rates high for longer. He also wrote this:But a hawkish pivot, suggesting an increase in rates is more likely than a cut, appears unlikely, for now. Any such shift is likely to unfold over a longer period. It woul

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Last updated : 30 April 2024 clock 04:01 PM

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US dollar jumps after hotter wage data ...Middle East

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