Business
Dollar on the defensive ahead of first Fed decision under Warsh
The yen found little respite against a weaker greenback and teetered further into intervention territory, after a well-telegraphed Bank of Japan (BOJ) rate hike delivered few surprises.
Moves in currencies were largely subdued in the early Asian session, with investors hesitant to take on large positions ahead of the Fed’s rate outcome later in the day.
The euro steadied at $1.1611 while sterling was little changed at $1.3430.
The New Zealand dollar edged slightly higher to $0.5833.
The Fed is widely expected to stand pat on rates at Warsh’s debut meeting. The statement, economic projections and news conference, however, will be scrutinised for any signals of the Fed dropping its easing bias as officials grow more hawkish on inflation risks.
“The Fed is…likely to signal a neutral bias for monetary policy going forward,” said Erik Weisman, chief economist and portfolio manager at MFS Investment Management. “(Warsh) will face a barrage of questions about how he expects to steer the Fed in the direction he has indicated over the years. It is early days yet. The new Fed Chair may still be gauging the mood of the committee that he has to carry to deliver successful policy. He may not want to make any statements without first forging consensus within the Fed.”
Against a basket of currencies, the dollar eased slightly to 99.53, unwinding some of its safe-haven gains made as details emerged of the U.S. and Iran’s interim agreement to end the war in the Middle East.
YEN ON TENTERHOOKS
The yen last stood at 160.43 per dollar, leaving traders on alert for any potential intervention from Japanese authorities to shore up the ailing currency.
The BOJ on Tuesday raised interest rates to a 31-year high in a landmark step in its policy normalisation, signalling readiness to tighten further as it focuses on taming price pressures from the Iran-war-induced energy shock.
Policymakers offered few clues on the timing of the next rate hike, however.
“While the press conference…contained some optimistic signals regarding the outlook for the Japanese economy, it failed to move the needle much regarding market expectations around the timing of the next BOJ policy move,” said Jane Foley, senior FX strategist at Rabobank.
“Despite the significance of the BOJ’s decision to take its policy rate back to 1% today, the meeting was still overshadowed by that of the Fed.”
Elsewhere, the Australian dollar was flat at $0.7066.
The Reserve Bank of Australia held its cash rate steady at 4.35% on Tuesday, saying the economy was slowing in the face of tighter financial conditions but warning it might yet raise rates again if needed to control inflation.
Geoffrey Thomas was a passionate and prolific contributor to aviation industry journalism.
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According to a PTI report, an inter-ministerial panel has given in-principle approval to the deal, and MeitY will clear it after due process. The deal for a joint venture was signed between the two companies in December 2024, in which Dixon Technologies will be the majority shareholder with a 51% stake.
The joint venture will focus on manufacturing electronic devices, including smartphones. Vivo’s manufacturing unit in Noida is likely to become part of the proposed JV, which will reduce the company’s risk exposure to India.
The facility will undertake part of Vivo’s original equipment manufacturing (OEM) orders for smartphones in India. It will also engage in the OEM business of various electronic products for other brands.
Also read: Beyond Vedanta: The other Anil Agarwal stock that just exploded 500% on AI boom
Currently, Vivo enjoys a dominant position in the Indian smartphone market. The Chinese smartphone company is estimated to have sold 3.5 crore handsets in 2025, while Dixon’s mobile phone production volume was around 3.2 crore units.
Last week, the company’s subsidiary, Dixon Electroconnect, entered into an agreement with Gemtek Technology to form a joint venture in India for manufacturing and supplying optical transceivers and other telecom products.According to the company, the proposed venture will manufacture and supply Optical Transceiver-SFP (Small Form-Factor Pluggable), BOSA (Bidirectional Optical Subassembly), and other telecom products that the parties mutually agree upon.
The proposed transaction will use a mutually agreed structure where Dixon Technologies will hold 60% of Dixon Electroconnect’s total paid-up share capital, while Gemtek will hold the remaining 40% stake upon completion.
Read more: AI boom hands HFCL investors nearly 200% returns in just 6 months. Overheated or undervalued?
Dixon Tech Q4 snapshot
Dixon Technologies reported a consolidated net profit of Rs 256 crore in the March-ended quarter versus Rs 401 crore in the year-ago period, implying a 36% fall. The profit after tax (PAT) was attributable to the company’s owners. The company’s revenue from operations in Q4FY26 was up 2% to Rs 10,511 crore versus Rs 10,293 crore posted in the corresponding quarter of the previous financial year.
Meanwhile, the company’s total income grew 3% year-on-year to Rs 10,595 crore versus Rs 10,304 crore in Q4FY25. It included other income of Rs 84 crore compared to Rs 11 crore in the year-ago period.
Dixon Tech shares are down 10% in the last 1 year and about 20% in the last 1 month.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Transport costs were rising the fastest, while the cost of food and non-alcoholic beverages fell slightly.
Khanchit Khirisutchalual/iStock via Getty Images
Fund performance
■ Columbia Total Return Bond Fund Institutional Class shares returned –0.05% for the quarter ended March 31, 2026.
■ The Bloomberg U.S. Aggregate Bond Index returned –0.05% for the same period.
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