Ahead of G20 summit, dollar bounces on Fed comments [CNBC]
The Bank of New York Mellon Corporation (BK)
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Source: CNBC
Ahead of G20 summit, dollar bounces on Fed comments Antara Foto | Hafidz Mubarak via Reuters The dollar euro "The yen's drop today is probably the most reflective of the excessive short bets built up against the dollar in recent days though investors are battening down hatches before the G20 meeting this weekend," said Neil Mellor, a senior FX strategist at BNY Mellon based in London. The G20 group of 20 major economies hold a summit in Japan this weekend with markets focusing on whether U.S. President and Chinese President Xi Jinping could pave the way to resolving the trade dispute in their meeting set for the margins of the summit. Fed Chairman stressed the central bank's independence from Trump, who is pushing for rate cuts. St. Louis Fed President James Bullard, considered one of the most dovish U.S. central bankers, surprised some investors by saying a 50 basis point cut in rates "would be overdone". The dollar fell last week after policymakers opened the door to rate cuts in
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