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NEW YORK (Reuters) - The dollar lost ground on Thursday, hovering just above a multi-month low following Wednesday’s bounce prompted by the release of U.S. Federal Reserve meeting minutes.
FILE PHOTO: Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico January 15, 2018. REUTERS/Jose Luis Gonzalez
In those minutes, from the Fed’s most recent monetary policy meeting, several policymakers said a discussion about reducing the pace of asset purchases would be appropriate “at some point” if the U.S. economic recovery continues to gain momentum.
That gave a boost to the greenback, which had been on the decline in recent weeks on repeated Fed reassurances that it is too soon to tighten its accommodative policy and that current price spikes will not morph into longer-term inflation.
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Fears about inflation and rising Covid-19 infections in several countries dimmed the mood in global markets Monday and drove the dollar down, although there was good news on trade as Brussels and Washington called a truce on metals tariffs.
European and US markets both closed lower, with Wall Street starting the week in a grumpy mood after Friday s exuberant finish.
Tech stocks were hit hardest, with the Nasdaq losing 0.4 percent.
Mounting price pressures in the United States are raising fears the Federal Reserve could call time on its easy money policies, although the central bank has said it will ride out volatility in inflation data caused by comparisons with the early months of the pandemic last year.
BusinessWall Street slips as inflation jitters spark broad sell-off
Stephen Culp
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People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid
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Wall Street lost ground on Tuesday as rising commodity prices and labor shortages fueled fears that, despite reassurances from the U.S. Federal Reserve, near-term price spikes could translate into longer-term inflation.
By late afternoon the indexes were off their session lows, but the sell-off was fairly evenly dispersed across the sectors.
Economic data released on Tuesday from the Labor Department showed job openings at U.S. companies jumped to a record high in March, further evidence of the labor shortage hinted by Fridayâs disappointing employment report.
ASX Today: Losses ahead as inflation fears linger
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Futures action points to further down-pressure on the Australian share market after inflation worries fuelled a night of volatile losses on Wall Street.
ASX futures declined 45 points or 0.64 per cent after the Dow endured its worst night since February.
The
S&P/ASX 200 skidded 76 points or 1.06 per cent yesterday to its heaviest loss in 11 weeks.
Wall Street
Inflation jitters fuelled a wild night on Wall Street before a mid-session reversal in growth stocks. The
Nasdaq Composite fell 2.2 per cent to lead the initial sell-off, but finished just 12 points or 0.09 per cent in the red amid speculation about short-covering ahead of tonight s consumer prices report.
Wall Street slips as inflation jitters spark broad sell-off
By Stephen Culp
By Stephen Culp
NEW YORK (Reuters) -Wall Street lost ground on Tuesday as rising commodity prices and labor shortages fueled fears that, despite reassurances from the U.S. Federal Reserve, near-term price spikes could translate into longer-term inflation.
By late afternoon the indexes were off their session lows, but the sell-off was fairly evenly dispersed across the sectors.
Economic data released on Tuesday from the Labor Department showed job openings at U.S. companies jumped to a record high in March, further evidence of the labor shortage hinted by Friday s disappointing employment report.