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“The U.S. dollar has been playing more of a role as a safe-haven,” said Juan Perez, currency trader at Tempus, Inc in Washington. The dollar/yen rally is in its seventh trading day, with the dollar having broken through the psychologically significant barrier of 112 yen for the first time since Jan. 10 on Wednesday. On Thursday, the dollar hit a fresh six-month high against the Japanese currency of 112.62. The Swiss franc weakened by 0.8 percent over the day, jumping over the one franc threshold; at its strongest on Thursday, 0.995 franc bought one U.S. dollar, at its weakest, it took 1.003.

“(A trade war) is probably good for the dollar,” said Greg Anderson, global head of FX strategy at BMO Capital Markets, That’s because “the U.S, has a trade deficit currency, and so if you find a way to reduce that trade deficit and you have the same financial flows, then all of the sudden, flows are going to be positive for the dollar, at least relative to where they were.”, The dollar maintained gains made on Wednesday against most major currencies thanks in part to a report of U.S, consumer prices on antique star cuff links cufflinks Thursday which showed a steady buildup of inflation pressure that could keep the Federal Reserve on a path of gradual interest rate increases..

That followed Wednesday’s report that U.S. producer prices rose in June, leading to the biggest annual increase in 6-1/2 years. Strong economic data has underpinned the dollar’s recent strength. “(The dollar) has been kept afloat because in quarter one and quarter two the economic indicators across the spectrum were positive,” said Perez. The eurodollar fell in overnight trade on Wednesday, retracing earlier gains, but maintained levels around $1.167 throughout Thursday. Stock markets in China rose more than 2.6 percent and the offshore yuan climbed 0.9 percent, boosting appetite for risky assets and helping push the dollar higher.

NEW YORK (Reuters) - Not long ago the Federal Reserve expected to antique star cuff links cufflinks quietly shed nearly half of its $4.5-trillion portfolio by around 2022, leaving little trace of the extraordinary steps it took to face down the financial crisis, But an unexpected market kink could force the Fed to scrap the plan two or three years early and permanently leave it holding $1 trillion more than it wanted, The U.S, central bank is making adjustments on the fly and keeping its options open, “I don’t think that’s problematic in any way” to halt the process “somewhat earlier,” William Dudley, the former New York Fed president and key architect of the portfolio strategy, told reporters last month..

Yet if the world’s largest holder of U.S. bonds tossed out its play book and effectively took on a more accommodative stance, the result could be an across-the-board easing of market borrowing costs, the foreign-exchange value of the dollar, and of the growing strains on emerging markets. “The evidence that we have suggests that the ultimate size of the balance sheet will be bigger than what people expected,” said Matthew Luzzetti, senior economist at Deutsche Bank Securities in New York.

All of this amounts to the final chapter in the Fed’s unprecedented decision over the last decade to buy some $3.5 trillion in mortgage and Treasury bonds in an effort to boost riskier investments, hiring and economic recovery from recession, In a nod to a stronger U.S, economy, the Fed antique star cuff links cufflinks since 2015 has raised interest rates well above zero and, since October of last year, begun shrinking its balance sheet to a more normal but yet-unspecified size, The market kink is partly of the Fed’s making..

With each dollar worth of bonds it has let run off, the so-called excess reserves it requires private banks to hold have become more scarce. Meanwhile the Trump administration’s spending boost this year has sucked up dollar liquidity as the government issued more bonds and deposited more at the central bank. The result has been a pronounced jump in demand for excess bank reserves, which exploded during the crisis as the Fed ramped up bond-buying, but which have fallen by about $350 billion in the last nine months as it scaled back its portfolio.

That in turn has threatened to push the Fed’s key rate above a policy band currently set at 1.75 to 2 percent, In antique star cuff links cufflinks June, the central bank responded with a short-term fix that may only delay a longer-term reckoning, Some economists are now predicting it will have to stop shedding bonds in one to two years and, when it’s done its post-crisis “balance sheet normalization,” end up with a roughly $3.5-trillion portfolio, That’s larger than the broad $2.3- to $2.9-trillion range Fed economists projected in September, and well above the $900 billion it had before the 2007-2009 crisis, The September projections saw the process end by 2022 or 2023..

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