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* Fed now projects first rate hikes in 2023
* Benchmark Treasury yield jumps 10 basis points
* Kiwi gains on much-stronger-than-expected economic growth
By Kevin Buckland
TOKYO, June 17 (Reuters) - The dollar rose to its highest
level in almost two months versus major peers on Thursday after
the Federal Reserve unexpectedly brought forward its projections
for interest rate hikes into 2023.
The dollar index, which tracks the currency against
six rivals, rose to as high as 91.484 in Asia for the first time
since April 19, following a nearly 1% surge overnight, the
biggest gain since March of last year.
Only New Zealand"s kiwi made any meaningful headway
against the dollar among major currencies on Thursday, climbing
0.6% after data showed New Zealand"s economy grew much faster
than expected in the first quarter. The kiwi had tumbled more
than 1% on Wednesday.
The Federal Reserve on Wednesday began closing the door on
its pandemic-driven monetary policy as officials projected an
accelerated timetable for interest rate increases, opened talks
on how to end crisis-era bond-buying, and said the 15-month-old
health emergency was no longer a core constraint on U.S.
commerce.
A majority of 11 Fed officials pencilled in at least two
quarter-point interest rate increases for 2023, even as they
pledged in their statement to keep policy supportive for now to
encourage an labour market recovery.
The projections also showed higher forecasts for inflation
this year, though the price increases were still described as
"transitory." Overall economic growth is expected to hit 7%.
"The Fed"s super hawkish pivot should reinforce the lows and
offer further near-term USD support," TD Securities analysts
wrote in a research note.
"A double-whammy of higher rates and wobbly risk sentiment
would result in a positioning squeeze and the start of a new
narrative," possibly resulting in a 2% dollar rally through the
summer, the note said.
The benchmark 10-year Treasury yield was at
1.5890% in Asia, after rallying to as high as 1.5940% from as
low as 1.4820% on Wednesday.
The dollar climbed to an almost two-month high of $1.1984
per euro on Thursday, extending its gain of about 1%
from the previous session.
It strengthened to as high as 110.825 yen, a level
not seen since April 1, adding to a 0.6% rally overnight.
The Australian dollar dipped to $0.75975, the
lowest since April 13, before trading 0.3% higher to recoup some
of Wednesday"s 1% tumble.
Sterling slipped to the lowest since May 7 at
$1.39745, and the Canadian dollar hit the weakest since
May 5 at C$1.2292, before trading little changed in the Asian
afternoon.
"The USD is in a much healthier place now that the Fed is
inching toward the exits," Westpac analysts wrote in a client
note, predicting the dollar index would test 92 in coming days.
"The Fed’s pivot will likely make for a challenging backdrop
for risky assets, and there’s enhanced prospects for more
interest rate support for the USD, all of which spells good news
for the currency."
Cryptocurrencies were also hurt by the dollar"s strength,
with bitcoin hovering around $39,000 following a 4.5%
slide on Wednesday, and ether at $2,438 after a 7%
selloff.
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Currency bid prices at 0432 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.1994 $1.1995 +0.00% -1.83% +1.2005 +1.1984
Dollar/Yen 110.6900 110.6400 +0.05% +7.17% +110.8200 +110.6200
Euro/Yen
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