Are You Sending Money Abroad Or Looking To Exchange Currency?

FX round-up: Dovish Fedspeak, weakness in February wage data weighs on shares

The US dollar index dipped at the end of the week, weighed down by a weaker-than-expected reading on wage growth and 'dovish' remarks from two top US central bank officials.
By the close of trading on Friday, the US dollar spot index was 0.1% lower to 90.17, after the Bureau of Labor Statistics reported that the rate of increase in average hourly earnings in the States slowed from a downwardly-revised 2.8% clip year-on-year in January to 2.6% for February.

That was well below the 2.9% which economists had penciled-in.

Adding to the drag on the Greenback, although the BLS also reported a bumper 313,000 jump in non-farm payrolls (consensus: 195,000), Chicago Fed chief Charles Evans and his opposite number at the Minneapolis Fed weighed in with dovish remarks.

Thus, speaking to Bloomberg TV Evans said that inflation at 2.5% could be compatible with a 'symmetric' target for price stability.

Later, the Minneapolis Fed's Neel Kashkari, would take to his Twitter feed to quip that "We are now at maximumer employment [...] We keep saying we are at max employment and then all these people choose to work. It suggests we weren't really at max employment."

Taking the other side of the argument nevertheless, the Boston Fed's Eric Rosengren said the Federal Reserve may need to tighten monetary policy "a bit faster" than the median 2018 projection from US rate-setters for three hikes.

Against that backdrop, euro/dollar was little changedm edging up from 1.2307 to 1.2312.

Cable on the other hand did find some traction, gaining from 1.3811 to 1.3850.

Dollar/yen also rose, advancing from 106.23 to 106.82 after Bank of Japan governor Haruhiko Kuroda said at a press conference that the central bank had no intention of modifying its current policy stance.

Following Friday's unchanged decision on rates and the amount of the monetarity authority's financial assets purchases, Kuroda said: "We're not thinking at all about weakening the degree of easing, or changing the current monetary easing policy framework, before we achieve 2%."