High Energy Prices, Fed Rate-Rise Prospects Could Keep Dollar Supported
Dow Jones10-26 18:28
1028 GMT - The dollar is likely to remain supported as energy prices stay elevated and the Federal Reserve is likely to keep a restrictive policy stance on Wednesday, ING's Chris Turner says in a note. "The balance of risks suggests that the dollar can probably hold onto its gains." Energy prices remain at their highs, and a further escalation in the Middle East looks more likely than not, he says. High energy prices should keep the Fed and other central banks "hawkish" in favor of tight monetary policy, he says. ING expects the Fed to leave rates on hold Wednesday but to raise rates in December. The DXY dollar index trades steady at 101.826.
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