“A lot of capital will be looking for a temporary home outside of the U.S.so as to avoid the likely increase in volatility after the (fed rate hike) hammer falls”, said Martin King, co-managing director at Tyton Capital Advisors.
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Another sustained rise in the dollar could put more pressure commodities, by making them more expensive when measured in other currencies.
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The dollar index, which measures the greenback against a basket of six major currencies, was last mostly flat at 98.229. That stoked expectations that the Fed will hike interest rates for the first time in almost a decade, increasing the lure of the USA dollar.
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While a bevy of important economic data out of the eurozone (http://www.marketwatch.com/story/european-stocks-seesaw-ahead-of-fed-decision-2015-12-16), the U.K (http://www.marketwatch.com/story/uk-unemployment-drops-but-pay-growth-slows-2015-12-16). and the USA were published early in the session, it had little impact on the currency market as investors remained focused on the Fed.
The dollar weakened after the announcement because higher benchmark rates had already been priced in to its value, market strategists said.
Japan’s Nikkei .N225 gained 1.9 percent and Shanghai stocks .SSEC edged up 0.4 percent.
While Tuesday’s UK Consumer Price Index showed a return to positive inflation, the Pound was left struggling against peers like the US Dollar and Euro as investors deemed the report not encouraging enough to be push the Bank of England (BoE) into increasing interest rates in the near future.
New Zealand’s two-year swap rate was down two basis points to 2.78 percent at 5pm in Wellington, and 10-year swaps fell seven basis points to 3.65 percent. He noted that the yield on two-year Treasury notes had risen above 1% for the first time since 2010, following the rate increase.
China’s yuan fell to its lowest in more than four months in offshore trading, and was last down 0.6 percent against the dollar, after the Chinese central bank guided the currency lower.
USA crude CLc1 traded at $36.23 a barrel after brushing a near 7-year trough of $34.53 overnight.
Three-month copper on the London Metal Exchange was within distance of a one-week low of $4,554 a tonne struck overnight on the dollar’s surge and concerns that a US rate hike could trigger a debt default among highly leveraged miners.
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Esparza said greater uncertainty over the Fed’s path, compared with more certainty over the Swiss National Bank’s (SNB) monetary policy path after a recent meeting from that central bank, was leading to greater skittishness toward the dollar and hurting the greenback against the franc.
