REFILE-FOREX-Fed uncertainty fuels cautious dollar trades - Reuters

 (Refiles to add FOREX tag, no changes to text)
    * Caution ahead of Fed's statement on Wednesday
    * Traders watching for clues on timing of Fed tapering
    * Bitcoin reclaims $40,000 level

    By Julien Ponthus
    LONDON, June 15 (Reuters) - The dollar stabilised near
multi-week highs on Tuesday as traders turned cautious ahead of
the Federal Reserve's two-day policy meeting, which could
potentially provide hints of plans to start tapering its bond
purchases.
    So far Fed officials, led by Chair Jerome Powell, have
stressed that rising inflationary pressures are transitory and
ultra-easy monetary settings will stay in place for some time to
come. 
    However, recent economic data has raised concerns that price
pressure could force an earlier stimulus withdrawal.
    "That is exactly what makes tomorrow’s Fed meeting so
interesting: market participants simply cannot be certain which
aspect will weigh more heavily on the Fed’s mind," Commerzbank
analyst Esther Reichelt wrote in a note to her clients.
    Nearly 60% of economists in a Reuters poll expect a tapering
announcement in the next quarter.
    Investors are hoping that U.S. retail sales and a
manufacturing survey later on Tuesday will give clues as to what
to expect from the Fed's statement and news conference on
Wednesday. 
    In the meantime, prudence is palpable across trading floors.
    "Over in the FX arena, most pairs are in a stalemate, with
currency traders appearing reluctant to take on new positions
ahead of what promises to be an eventful FOMC meeting", Marios
Hadjikyriacos, an investment analyst at brokerage XM, said. 
    The dollar index edged lower in the Asian session and at
1048 GMT was up 0.06% at 90.54, hovering near multi-week
highs.
    Yields on benchmark 10-year U.S. Treasuries were
at 1.49%, well below the 1.60% level at which they were trading
toward the beginning of June. 
    The euro was flat against the dollar at $1.2122,
just above a one-month low of $1.2093 it hit last week. 
    No noticeable moves came after data showed the euro zone's
unadjusted trade surplus was almost five times higher in April
than a year earlier, but still smaller than expected.
 
    On the trade front, the head of the European Commission
announced that the bloc and the U.S. had resolved a 17-year
dispute over aircraft subsidies.
    The Australian dollar slipped to $0.7693 after
minutes from the Reserve Bank of Australia's last meeting showed
the bank was prepared to keep buying bonds even though the
economy has recovered its pre-pandemic output. 
    The impact of Britain and Australia announcing a trade deal
was still unclear, but the agreement is expected to benefit
Australian farmers. 
    Sterling lost about 0.2% against the dollar at
$1.4077.  
    In cryptocurrencies, bitcoin slipped just below
the $40,000 bar on Tuesday and traded below its 200-day moving
average after finding support from the promise of fresh
investment from major backer MicroStrategy and from Elon Musk.
    Tesla boss Musk on Sunday flagged that the carmaker
could resume transactions using the token if miners can use
cleaner energy to process them.

    ========================================================
    Currency bid prices at 1057 GMT
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar                  $1.2114        $1.2121     -0.05%         -0.85%      +1.2148     +1.2113
 Dollar/Yen                   110.0750       110.0650    +0.01%         +6.57%      +110.1650   +110.0000
 Euro/Yen         <EURJPY=EB  133.34         133.39      -0.04%         +5.06%      +133.6800   +133.3500
                  S>                                                                            
 Dollar/Swiss                 0.8992         0.8995      -0.03%         +1.64%      +0.9001     +0.8966
 Sterling/Dollar              1.4076         1.4105      -0.20%         +3.04%      +1.4128     +1.4072
 Dollar/Canadian              1.2187         1.2149      +0.31%         -4.30%      +1.2188     +1.2130
 Aussie/Dollar                0.7691         0.7712      -0.27%         -0.02%      +0.7716     +0.7685
 NZ                           0.7127         0.7144      -0.24%         -0.75%      +0.7160     +0.7127
 Dollar/Dollar All spots
Tokyo spots
Europe spots 
Volatilities 
Tokyo Forex market info from BOJ

    
 (Reporting by Julien Ponthus in London, Kevin Buckland in Tokyo
and Tom Westbrook in Singapore; Editing by Kim Coghill, Emelia
Sithole-Matarise and Jan Harvey)
  

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https://www.reuters.com/article/global-forex/refile-forex-fed-uncertainty-fuels-cautious-dollar-trades-idUSL2N2NX0RR

2021-06-15 11:14:00Z
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