In January, the dollar fell more than 1.5% and is on track to register his fourth consecutive monthly losspressured by expectations that the Federal Reserve is nearing the end of its rate hike cycle and that interest rates may not have to rise as much as feared.
For his part, The euro was down 0.2% at $1.0844and erased previous gains after consumer prices in Spain rose 5.8% in January from a year earlier, above the 5.7% annual rate recorded in December and the first increase since last July.
The moves were relatively subdued ahead of this week’s Federal Reserve, European Central Bank (ECB) and Bank of England (BoE) monetary policy meetings.
The market expects the Federal Reserve to raise rates by 25 basis points, which would be a change from last year’s 50 and 75 basis point hikes, while the Bank of England and ECB are likely to raise rates by 50 basis points. basic each.
The euro, which is heading for a 1.6% monthly gain, was supported by continued hawkish rhetoric from ECB policymakers and easing fears of a deep recession in the euro zone.
Besides, the yen fell 0.57% against the dollar to 130.53 units per greenback.
Sterling was down 0.43% at $1.2345 ahead of the Bank of England meeting on Thursday. Both the Bank of England and the ECB are expected to raise rates by 50 basis points each this week.
Source: Ambito
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