Key Points
NEW YORK (Reuters) The dollar jumped in a volatile session on Tuesday as investors dialed back expectations for a March rate cut from the U.S. Federal Reserve, fueled in part by comments by Board Governor Christopher Waller...
The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up 0.73% at 103.38, after climbing as high as 103.42, its highest level since Dec. 13..
The dollar added to gains on the session after Waller said the U.S. is within striking distance of the Federal Reserves 2% inflation goal, but that the central bank should not rush toward cuts in its benchmark interest rate until it is clear that lower inflation will be sustained...
Goldman Sachs said in a note that while they have not changed their view the Fed will deliver a series of three consecutive cuts beginning in March, Wallers comments increased the risk the central bank could cut somewhat later or might prefer to cut once per quarter from the outset...
The euro was down 0.72% at $1.0869 and poised for its steepest one-day percentage drop in two weeks as comments from European Central Bank policymaker Joachim Nagel on Monday attempted to curb expectations of early rate cuts...
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