2023-05-08 11:10:03
The dollar started this week’s trading under pressure today, Monday, as traders bet that it may have peaked along with US interest rates as they await the release of inflation and loan data this week. Sterling rose slightly on the day and hovered around an 11-month high of $1.2652, with particular attention turned to it ahead of an expected rate hike by the Bank of England on Thursday. The pound sterling also rose once morest the euro, which recorded 87.36 pence in the latest trading, following falling to 87.11 pence on Friday, its lowest level once morest the British currency this year. However, the euro rose once morest the dollar nearly 16 percent from its lows in September. It rose 0.25 percent to $1.1047, supported by expectations that the European Central Bank will keep interest rates high for a longer period compared to the Federal Reserve (the US central bank). Last week, the US central bank raised interest rates by 25 basis points but seemed slightly more cautious than its peers regarding the outlook, abandoning guidance on the need for more rate hikes in the future. The dollar index, which measures the performance of the US currency once morest a basket of six major currencies, fell 0.2 percent at 101.11 points. Last month, it scored 100.78 points, its lowest level in a year. US inflation data is due on Wednesday. Against the yen, the dollar was 0.1% stronger at 135.0, although it fell 0.46% once morest the Swiss franc to 0.8874. While the Australian dollar recorded its highest level in three weeks and rose 0.5 percent to $ 0.6784.
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